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08/10/2021 |

TrendSpider in Forbes: Bitcoin’s Bounce Back

Bitcoin starts a late Summer rally hitting $42,000, a recent high in the last 2 months. TrendSpider’s Chief Marketing Analyst Jake Wujastyk was featured in Forbes for his thoughts on Bitcoin’s recent highs. Read Jake’s full analysis below and the article here.

$BTC chart showing the anchored VWAP with a 7.5% percentage offset and a possible resistance level right around $45k.

The anchored VWAP from the all-time high has not been respected perfectly and has about a 7.5% margin of error above which would put the resistance level for Bitcoin right around $45k. This margin of error can be seen using the anchored VWAP with a 7.5% percentage offset. The next level to watch above this would be the $50,000 psychological level.

In regards to a reversal, he added,

The current key downside levels include the volume shelf shown by the anchored volume by price tool measuring the volume distribution of shares from the all-time highs. This ‘volume shelf’ shows where a large number of shares are holding, which in this case, ranges from $33k-$36k. If this level breaks down, a test of the previous lows around $28,800 to $30,200 would be the next area to watch.