BTC
So at the start of the month Bitcoin’s price target for a break above the big $42k resistance was $48k and which hit that target, only a couple of weeks into this month of August.
What’s Next For Bitcoin?
All long term indications points to a continuation upward and the bull run is about to kick off, which is why we saw almost all other Altcoins hitting their All Time High Prices (ATH).
Consolidations are ongoing as we speak, so we should expect some pull backs to 44k, 42k & maybe Bitcoin will find a good support at 38k or 35k.
Which in our own opinion, is healthy for a continuation to $50k & beyond.
The Market is definitely overbought right now and already showing bearish divergence on the RSI, for the short term and it’s also at a very big resistance here at $48k.
So for the short term this all points to a correction inevitably.
Supports on a correction here at $45k and $42k. As long as we hold above $42k I’m expecting to break above $48k and once we take that, we could run up beyond $50k and quickly get back to the $55k – $60k range, which won’t be easy..
ETH:
Ethereum is following again for the most part. It’s had an amazing run up smashing our price target of $3k and then hitting a high of $3345.
We are still expecting it to hit that $3500 price target in time.
Short term, it’s showing the same exhausted signs (overbought, bearish divergence)
We want the $3k support to hold here to see a continuation up.
So we will be looking to possibly take some trades on any test of that level.
This of course depends on price action as we don’t like entering trades on the way down, we like to enter on a bounce back up…
It’s best to be patient, before we take any trades, this is for clarity & for better profits.
Let’s Stay Ready, The Big Bull Run Is Still Coming