According to the fundamentals; Bitcoins SV a fork of bitcoin cash suffered 51% attack, followed by multiple malicious attacks since last month. The source is still unknown which damaged the credibility of the fancy crypto. More than 12 blocks were reorganized and upto 3 different versions of the blockchain have been mined to entertain this maneuver. The attack last for more than 12 hours and were able to reorganize 14 blocks almost. There have been multiple times that the reliability of bitcoin had been tested with its trustworthiness and dependability on the immutability of blockchain. Moving down to the technicals, we published our article on 31st July - selling the bitcoin from its recent highs at 41602 and targeted destination at around 35500. Bitcoin seems to be lacking the bearish momentum again while standing above our four hourly exponential moving average 50 and our daily price action low 37750. 

BULLISH AND BEARISH POSSIBILITIES/ CONDITIONS :

Bitcoin in daily can still be expected to come down to 34000 i.e 50% fibb retracement level when applied in weekly time frame from its very high to the very low. Exponential moving average 50 in daily is also present in that zone which can become a point of bullish reversal to btc. Another critical point of reversal or breakout is 33000 benchmark, which if broken to the downside, btc might provide us some real lower lows in weekly i.e 25000 and 18000 price, while a bullish fractal confirmation above 33000 will mark the continuation of bullish trend. From current market perspective for day and intraday retail traders, btc is standing above ichimoko cloud, depicting the zone between 37000-35000 as a no trade zone, while an impulsive bullish closing above the ichimoko cloud might send btc towards its daily highs i.e 41602. 

BTCUSD H4

Aug 04 2021