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Bitcoin bounced off resistance – but PlanB remains bullish on BTC by – The sharp rise since mid-July was followed by a rapid run to $ 45,284 over the weekend, which was exactly the 200-day line. Since about half of the downward movement was caught up again in mid-April / mid-June, the hurdle there proved to be too strong. The fact that the technical indicators were also in the overbought area makes the barrier all the more massive. That said, robust supports have now become established that can prevent a more powerful recoil towards the 50-day line at $ 35,519.

Specifically, this is about the upper limit of the range established since mid-May at 41,616 dollars. In addition, the recovery trend was confirmed by a lower high at $ 37,365. Interestingly, this uptrend line also harmonizes with the smoothing of the last 100 days at $ 39,958, which fell below mid-May and then led to a rapid downward wave. The relevant line was recaptured at the beginning of August. A sustained stabilization above this level is necessary in order to kick off a major upward movement.

To make it even further on the upside, Bitcoin needs a clean spurt above the key resistance from the 200-day line, the 50% Fibo of the recent downward wave, and horizontal resistance in the range of $ 44,952 to $ 46,640. However, given the still rather inflated indicator levels, crypto investors should be prepared for a short-term consolidation between the brands of 45,000 to 40,000 / 39,000 dollars.

PlanB remains optimistic

PlanB, the inventor of the famous Bitcoin stock-to-flow model, said in one that the Bitcoin bull market is not over yet. He named $ 100,000 as the goal for this year.

He also cleared up speculation sparked by some articles in response to one of his tweets that the anonymous inventor of the S2F model was questioning the validity of his forecasting tool. That was probably because “I’m not a native speaker or anything. I’ve never doubted the model. I’m not unsure about it. There is no guarantee either, but I’m not unsure that it will hit 100,000 sometime before Christmas “, he said in the video interview with Marc Friedrich.

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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