Since last update (7/25/21), BTC received a strong bullish news catalyst in the form of Amazon announcing they would begin accepting Bitcoins as a payment method. Though later denied by Amazon, the report none the less provided enough of a catalyst to push the price past the 50ma on the daily chart with rising volume. This should mark the end of the downtrend for BTC. Resistance areas are around $40,000, $43,000, $47,000, $50,000, and $53,000. Could see price enter a channel between $48,000 and $58,000 and bounce back and forth before testing all time highs again. Bitcoin conference is August 26-29. Expecting most levels of resistance to be broken and turned to support leading up to BTC conference. If 50ma entry was missed, the best long-term entry point would be during a touch of 50ma on 1hr chart, or during a pullback on 4hr chart.
