BTC Technical Report: August 30, 2021

Aug 30, 2021
byNDAX Labs

At the time of writing BTC is trading at C$60,180, which is approximately a 1.3% dip on a 24 hour basis. BTC bears have been able to successfully keep BTC below the C$65,000 mark over the past week or so now. The heavy selling in the US dollar spot market toward the end of last week pushed BTC upwards, as the asset hit C$64,000, but investors seem to have remained cautious, preventing the asset from beating the psychological resistance level, which is currently at C$65,000. Having said that, since last week BTC has been pretty range bound, trading in the range of C$55,000-C$63,000. A closer look at buy and sell levels on major exchanges globally, suggests that there is a lack of support above C$51,000, while firm resistance is in place overhead. In addition to that, hash rates on the network have been impressive, approaching the 125 exahashes per second (EH/s) mark, which is just 40EH/s short of all time highs, which is a bullish sign for traders and investors alike.

BTC witnessed a sharp rally from its recent bottom of C$34,928 and surged almost by 84% making the high of C$64,533. Post this move, the bulls struggled to extend the gains above C$65k and failed to take charge and break the resistance of C$63,608 (61.8% Fibonacci Retracement Level from C$82,000 to C$34,533). Currently, BTC is consolidating and is trading in the range of C$58,000 to C$63,000. Once the breakout or close occurs above C$63,000 with good volumes then we may expect the prices to further rally up to C$72,250 or if it breaks the range on the lower side then the prices may drop to the next support level which is at C$50,285. RSI has consistently been above 50, which indicates that the current trend is likely to continue, and BTC could potentially give a breakout on the upper end, provided it is supported by good volumes and momentum.

Key Levels:

Support 2

Support 1


Resistance 1

Resistance 2






The Jackson Hole event that took place last week didn’t have a significant impact on the market, however, some key macroeconomic developments this week are scheduled, namely the US private sector employment data, and non-farm payroll data, which might impact the sentiments of investors. Historically, these events have not disrupted prices much, but given the rapid recovery BTC has seen over the past few weeks, backed by good momentum and volumes, these macroeconomic events might just give the asset push it needs to beat the stiff resistance it faces, though that seems unlikely in the immediate term. However, we remain cautious, as the next few days of the week will remain crucial for BTC.

Technical Report Disclaimer:

Information provided in the technical report is for information purposes only and should not be interpreted as investment, legal, or tax advice. Prior to investing, it is very important to evaluate your investment objectives and your risk tolerance carefully. This technical report is not meant to provide guarantees of future performance, and users should not rely on it, as the actual performance and financial results may differ significantly.