• August opens with low volatility for Bitcoin, which could mean low investment interest from large institutions.

• Monthly we can touch an important support. But in general we see market lateralization.

• Weekly we can step on the average price around $26815.22, even if low investment interest on the part of the big players continues.

By the time this update article was written, the total cryptocurrency market capitalization was over $1.1391T. Not meaning a significant entry of new capital and with a proportion unanimous to seek a nominal laterization towards the average of $1.135T.

For personal opinions, we will be able to face a market with a supposed recession and low volume for the next few months. The latter is due to the fact that most cryptocurrency fans prefer to place their money in the spot market and not play cards in highly liquid markets. Most now, they are looking for position and not short-term gains.

The truth is that Bitcoin could once again step on 48.64% of the total dominance of the market. For technical analysis purposes, it is understandable that for the most important cryptocurrency, it is necessary that in the near future it should exceed more than 52% of that dominance.

IIn order to have a common opinion, it is recognized that since the last correction, the cryptocurrency market has grown exponentially and many prefer to place their money in altcoins rather than this main asset. It is also important that the game changed in many aspects and issues such as liquidity and volatility were added.

Barriers To Overcome

For a more technical narrative and outside of modern analysis techniques, Bitcoin began the month of August with the volatility metric falling little by little and with trading volumes that still do not exceed the maximum average.

Due to the above, it may happen that the price closes again very close to $28109.52; and being very afraid of loss, touching exactly $27562.92. That's the negative case.

On the bright side, the Japanese market is expected to add significant capital to the market with the reopening of Binance Japan and the price will return very close to $30552.85.

This last point can be considered with a very strong average resistance to break, but it is necessary for Bitcoin to exceed $32681.85 to consider a return of the bull run and continue developing Elliot wave 1. For now, this asset is struggling to overcome a trend line.

Corrective Ladder

We are not used to telling lies here. Therefore, we must alert all our subscribers that a weekly correction trend is clear.

We see many traders trying to hold the price above $29285.52, but the relative strength is easily leading the price to slide down a ladder and test important weekly supports.

Among those, losing strength in the current opening region and leading the price to touch Tekan-Sen at exactly $28287.54. If the volatility continues to decline, we can easily see the EMA100 cross over with the EMA20, indicating a moment of correction in a bearish direction.

From the above it follows that the weekly average of $27826.84 is an important point that Bitcoin should look for to consider a bulish retraction.

However, a strong sell signal is notable and with a direction that the price may touch the liquidity region between the price accumulation chart between $26788.63 and $25653.74.

For trend continuation purposes, it is important to overcome the exact price barrier of $32122.41 to consider yourself in an extremely bullish market.

Last article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Rubikkav.

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