[Daily Discussion] - Monday, August 16, 2021 Bitcoin Markets

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[Daily Discussion] - Monday, August 16, 2021 Posted: 15 Aug 2021 09:00 PM PDT Thread topics include, but are not limited to: General discussion related to the day's events Technical analysis, trading ideas & strategies Quick questions that do not warrant a separate post Thread guidelines: Be excellent to each other. Do not make posts outside of the daily thread for the topics mentioned above. Other ways to interact: Get an invite to live chat on our Slack group submitted by /u/AutoModerator [link] [comments]

BTC daily analysis 8/16/2021 Posted: 16 Aug 2021 04:25 AM PDT Hello again. Today I decided to continue my look into BTC. I will do ETH again I promise. Anyways, BTC did exactly as expected... We filled that bull gap as soon as the close yesterday (pretty much) It wouldn't net you a trillion dollars or anything but I always enjoy setting a winning trade at the beginning of the week. Support held throughout the lower volume weekend. But can it continue? We are approaching a sort of "squeeze point" which in essence is a place on the chart where the candles become locked in (in this instance between ascending support and the resistance at 48k). We have 2 factors I want to bring up. First of all, RSI is very high. We should all know by now what that means (bearish) but we also understand that the RSI is not very reliable on its own. We also have the ascending right triangle pattern we are in currently and from past experience these patterns are typically considered bullish. But with RSI the way it is I highly recommend a stop loss! We have had 4 solid weekly closes. Each candle was around a 6k gain give or take. The bulls seem intent on taking us to the resistance around 50k but we need volume to get there. Perhaps the bears strike? Don't lose hope. This is like a dance. Sometimes the bulls lead. Sometimes the bears lead. If you can navigate these changes you can make some decent profit bear or bull. The evidence is right there on the charts folks! Have a great day WTFDIK??? TLDR: I forgot to mention ETH. ETH looks more solid to me than BTC. But if BTC takes a spill or climbs the hill I believe ETH will follow (along with the rest of the market) Cheers ​ Sorry I cant post a chart here? It wont allow me to post pics? submitted by /u/redditsux11111 [link] [comments]

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