5Min Technical Analysis BTC/USDT 28 Aug 2021

It looks like the bulls are strong this time round, and I was somewhat hoping for prices to drop further down. Broke the 61.8% (48154) retracement between 59500 to 29800. For this 5 weeks the trend has been Mon, Tue, Wed, Thursdays Bearish and Fri, Sat, & Sunday Bullish. On the up side, I'm looking at first resistance 51k and 531750, possibilities of it breaking the two resistance is high and expect 561250 next. However, we should not rule out possibilities of it dropping back to 47500, and the next support at 44650 - 44850.

For further confirmation, I drew the fibo extension from Point 1 : 29647.91 Point 2 : 42632.89 Point 3 : 37718.68. Double confirms first resistance at 50700-51k, second resistance @ 123.6 (53760). If I'm going to have an entry today, could only be at these areas between 47000 - 44700.

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Fear Greed index is showing relentless buying and if you wanna fomo in, maybe you could do so with a small account. Currently as I'm writing this is, Long short ratio is at 55% across all exchanges.

BtC dominance is currently sitting at 44, should turn below 44, we would start seeing alt coins rocketing upwards.