Retest of previous support expected in coming week

Breaking: Bitcoin, Ethereum, Litecoin and BNB gets rejected at Resistance: A retest of previous support expected in the coming week and a Breakout in the second attempt.

The Crypto market has witnessed a continuous green days for consecutive 3weeks especially, since the beginning of August. The present Month has given hope once more, to investors in the Crypto market that the Bull market is not yet over.

Bitcoin Breakout: Failed First attempt and currently retesting the previous Supports.

This weekend seems to have been the apex of the resumption of the Bull-run as Bitcoin had made the first attempt at Breaking it's strongest resistance at $48,000 with a big Bullish candle pattern, which would have flashed the Bullish continuation flag and pave way for the creation of a New All time highs (ATH) taking Bitcoin to 50k and above immediately.

However, Bitcoin got a sharp rejection from the $48,000 resistance. This 48k region has remained a very Critical price for Bitcoin to break as this has been the previous support for Bitcoin since February this year before the sudden bear season that came into the market. Of course this is the first time Bitcoin is retesting this region after it got broken in April and it is less likely that it would overcome it with the first attempt.

Definitely a short sell-off is expected at this area as many traders have been waiting for this zone for shorting. BTC is now trading at $46,000 region and needs to hold this level to go again for a retest of $48,000 area in the new week.

At present there are three strong support levels to always watch out for this time as: $46700 and $45000 and $42,000. These three could possibly be retested before breaking the resistance at 48k which has just been tested once this weekend.

Ethereum Breakout: Failed First attempt and currently in for a short reversal:

Ethereum has continued it's upward trend so far since the month of August. However it has reached the apex of this Bullish momentum over the weekend when it got to a strong resistance at $3,300 and failed to break above this strong resistance which would have taken it to $4000 and above once more.

Currently, a short reversal pattern has been spotted for Ethereum at the moment. It will definitely need to retest the previous support at $3050 and possibly $2985 before resuming the second attempt to break the current resistance at $3300 in the new week.

Litecoin Breakout: Failed attempt and a retest of the previous Support.

Litecoin has soared higher continuously in the past weeks to maintain its Bullish momentum. The climax was at its attempt to Breakout of its resistance at $182 over the weekend, which has been vehemently resisted in the market. The price is currently trading below this present resistance, and currently in for a retest of the previous support at $165 region. We hope for a rebound from this region with a greater momentum to break the resistance at $182 which will pave way for the next resistance at $200.

BNB BREAKOUT: A Failed Attempt and Currently Retesting the Previous Support.

BNB has looked very promising over the past weeks. The apex was when it broke the previous resistance at $350 and got to the second resistance at $420 region over the weekend. The Bullish momentum seemed to have weakened, as it was unable to break through this second resistance which it just tested after the protracted downward trend since April.

Currently the price is trading below and close to $400 and further declining to retest the previous support at $350. We hope this region holds strongly as to sustain it's Bullish momentum in the new week.

Conclusion:

There is currently, very strong indication that the Bullish market has resumed once more. The month of August has maintained a very strong Bullish momentum with only a slight decline at some points. There have been the greatest accumulation of Bitcoin and altcoins recorded daily from big institutions and Whales also. The Bullish sentiment appears so strong at the moment. It is therefore very likely that we end the month of August with a stronger ATHs and at worst, have some consolidation throughout September and then a super Bullish movement till the end of the year.