The monthly candle closed as a bullish hammer confirming that the 28.8-35k region was reclaimed by bulls on the major picture. Currently from the monthly perspective, there are 4 essential levels that should come into play for August and the rest of Q3: 24.8k, 35k, 47k, 58.3k.
The monthly support region 28.8-35k must not be reclaimed by bears in order for bulls to continue higher. In other words, August’s candle should not close below 35k. Otherwise, it enhances the risk of losing the major support and potential flash crash (only if FUD empowered news comes out though to support any unexpected bearish thesis) into 24.8k support provided by the 20-month average (gray curve).
Intra month resistance for August is at 47k, which is the perfect bottom low of April’s ATH candle. Key pre-breaker support that once broken resulted in an abnormal selloff to 28.8k. Based on the polarity change principle, the broken support turns into resistance.
If we see a weekly/monthly close over 47k, the next major HTF level is 58.3k. Whenever that level is broken through with a weekly/monthly close over that level, BTCUSD would likely rally into the 90-120k region not long after imo.
I’m personally expecting August to show off a retest of 47k pre-breaker resistance with high chances of visiting higher into mid 50000s region (potential intramonth overthrows near 58.3k area with short-term reversals after). We’re in the local HTF range between 65k high and 28.8k low, so technically speaking any price action occurring inside this range is neutral for the next 2-3 months/leaning bullish for the next 6 months (consolidation in a massive bull market). Whenever any FUD crash news arrives, expect dips slightly below 35k but Id consider that buying opportunity for those who missed out on rally since all BPRO buy signals came in at 29.6-31.6k region.
The weekly candle closed through local BWAP dotted resistance which shows off bitcoins strength and aiming higher, potentially to retest weekly pre-breaker at 52.9k.
The trend and momentum per Birbicator on the bottom of the chart, after perfect & complete reset to the levels unseen since bitcoins disbelief and $3000-6000 levels, come with confirmed reversal which IMO has reloaded enough upside potential, to break into new all-time highs in the coming months. This looks as if it was the last chance to get bitcoin cheap during this bull market 2018-2021. TK histogram to also provide bullish crossover through the neutral “zero” level.
BPRO suggests that weekly levels to watch are: 36272, 40169, 46464 and ultimate Breaker High 62615 that once broken should lead to new ATH.
Breaker Low 28393 must not be broken otherwise closing a week/month below opens the risk of visiting into 24.8k area. Since we’ve just seen a probable upside break-through candle, it’s not yet full of bullish momentum so it’s worth having some cash on the side just in case.
In other words, unless unexpected FUD news comes from FED, Elon, China, etc. I’d expect BTCUSD to go for 47k and 52.9k retest this month.