WILL BTC HOLD THIS CRUCIAL LEVEL??!

Aug 26, 2021

BTC has recently seen a lot of upswings with a couple little red days not really pulling back much, as you guys know i personally think we are due for a decent pullback before we really get going and im thinking we could possibly see this soon. We have lost bull momentum after failing to break above 50K we had multiple touches but couldn't seen to hold onto it and now we are seeing a little bit of downside, im currently looking at this 47.3K support level that we keep testing, if we see a close below here today or in the next couple days i think we could see a fall down to the 45K level. We got 3 pullback targets, the 45K level we just talked about is slightly more than -11% from the recent top at 50K, next we have a likely level due to a little momentum shift into the bears hands and thats the 0.3 FIB (i believe is the most likely target for a decent pullback) Next we have the 38K level which is a solid floor IMO, this also could be likely and i think so because, before we go on the next leg of this bull cycle the big players will be looking to liquidate long positions, shake out weak hands and overall put fear back into retail investors, remember they want you to miss out. Looking at the MACD, like i talked about before we wouldn't really know if this was a legit bearish cross until we saw the MA's starting to separate and the histogram producing bigger red bars each day, and what do you know! We are seeing that exactly starting right now, the MA's are starting to take off from eachother and the histogram is making a bigger red bar today! Checking out the RSI we are seeing some downslope here coming out of the overbought zone but we haven't really moved much in the past day and we haven't broken through this support level either, the most important thing is that the RSI stays above that midline so we can stay in a confirmed uptrend, this midline also acts as support. Now the Stoch RSI which goes hand and hand with the RSI, we are seeing a bearish crossover and we are heading almost straight down, so from the technical side of things it really appears we are going to have a pullback and im hoping its a significant one so i can load up some bags, keep in mind too if we do cross this first support level and close below here than these indicators will follow, like the RSI breaking through the support line and the MACD starting to fully separate and have a decent fall as the bears get a little momentum! Not financial advice just my opinion!