Bitcoin support levels that matter heading into August 2021

in LeoFinance2 months ago

Bitcoin support levels that matter heading into August 2021.




The only Bitcoin support level that matters as we head into August 2021, is the 30K range bottom.

If you’re tossing up whether to buy the Bitcoin dip heading into August, you obviously want to discover the support levels that matter.

When it comes to Bitcoin right now, there is only one level of support you need to watch.

The 30K range bottom.

Support/resistance trading in forex and Bitcoin

While I no longer share a lot of market analysis blogs here on LeoFinance, I’m certainly still a trader at heart.

I’ve shared my entire forex support and resistance trading strategy on my blog before and those same concepts can be easily transferred to Bitcoin.

The crux of my trading strategy is that I only trade around daily support/resistance zones where I know big players will also likely be getting their business done too.

I keep my charts naked, free from cluttering indicators and focus purely on price.

Thinking this way completely simplifies the markets and allows me to focus on what really matters.

Price action around support/resistance zones.

Buying Bitcoin at support

With that in mind, let’s take a look at my current Bitcoin chart.

Bitcoin (BTC/USD) Daily:
The Bitcoin support levels that matter heading into August 2021 on the Bitcoin daily chart.

As you can see, I only have the two levels placed on my chart.

Support at 30K and resistance at 40K, making a clean range in between.

I know that headline writers need to get paid somehow, but seeing the words Bitcoin crashes at least once a week always makes me laugh.

No, Bitcoin didn’t crash today.

Price is cleanly trading within a clear range, between strong support and resistance at 30 and 40K.

Both support and resistance continues to hold and the price action in between is largely irrelevant to big players.

Wait until Bitcoin trades into the 30K support level, then zoom in and find an intraday retest of short term resistance turned support to act as an entry signal.

The concept is explained in my trading strategy that I’ve linked to above, but basically this allows to to get a low risk, high reward entry while effectively managing your risk.

One last thought on the Bitcoin support level that matters

If you’re looking for where to buy Bitcoin in August 2021, then ignore the noise and just watch how price trades around range support at 30K.

While you’re here, go and check out our comprehensive Bitcoin guide that the LeoFinance community has put together and stop getting caught up in the noise.

Bitcoin is here to stay and there’s only one thing left to do…

BTMFD!

Best of probabilities to you.




Direct from the desk of Dane Williams.

Why not leave a comment and share your thoughts on the Bitcoin support levels that matter heading into August 2021, within the comments section below? All comments that add something to the discussion will be upvoted.

This Bitcoin blog is exclusive to leofinance.io.

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As much as anyone sad about the prices of crypto one needs to seriously remember what price point bitcoin was at a year ago at this time $9,168 I think we would all kill for the price point that's still a 200% gain in one year if you bought. That's seriously massive! I believe we will see a new rally again when fall moves into winter of this year.

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Haha exactly!

And 20K was the ridiculous bubble that had popped to signal the death of Bitcoin.

I'm with you.

Posted Using LeoFinance Beta

If we are to believe the big headlines, Bitcoin would have been close to zero by now.

Posted Using LeoFinance Beta

Haha exactly.

I love the Bitcoin obituaries list that just keeps getting updated.

Posted Using LeoFinance Beta

Well the headlines won't really be true unless I see a close under 30k. As of right now, I haven't seen it so I think BTC is still consolidating.

Posted Using LeoFinance Beta

Yep, I agree.

Just price consolidating nicely within the 30-40K range.

In my opinion, the price action within this zone is largely irrelevant.

Posted Using LeoFinance Beta

Anything to keep us engage
deserves a positive acclamation.
Definitely the timing is close to
perfect for anyone to get their
feet deeper in crypto and BTC as well.

Posted Using LeoFinance Beta

Almost poetic :)

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Wow fantastic trading entries. Once the market enter the buy limit order please ensure you just take 0.67 using finabocci method.

Nice analysis but I expect the trade to bounce back to it bullish position soon.

Posted Using LeoFinance Beta

Do you mind sharing a chart with your fib analysis on it?

Posted Using LeoFinance Beta

I will do that tomorrow as we are about to sleep here in Nigeria.

Thanks

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Well said about the support and resistance levels!

Posted using Dapplr

Thanks Veso.

I always like looking at your clean analysis too.

Keep it up :)

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If $30,000 was the bottom, it doesn't matter much whether one has bought BTC at $30,000 or $40,000. There's also a lot of FUD regarding $20k level, curious if it will dip that low.

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I honestly believe that when it comes to Bitcoin, you can't go wrong if you just keep dollar cost averaging.

Bitcoin is here to stay.

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Bitcoin will still be low until October. I have predicted the price of it.

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You're thinking Bitcoin will dip below 19K, right?

Bold prediction.

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Lol, this user must have a crystal ball. He/she predicted yesterday BTC would go to 42k. Instead BTC hit the stop loss level indicated by him/her. I hope no one is listening to him/her.

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