Short Term BTC Astro TA Update Sunday Aug 29
Local top may be in and a correction is a possibility
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Here is a little free BTC update just for Substack today ! The Full September Astro Crypto Report for paid subscribers is going out next week, most likely Thursday Sept 2
Astro TA: The situation for BTC right now is a little shaky. We’ve had a nice rally from late July until the recent peak at 50k last week. Yesterday had a favorable Sun trine to BTC Mars, but the Mars opposition to BTC Uranus was volatile and unstable, BTC did a fake out wick to 49700 only to drop down 47900 within an hour.
Today we have a minor favorable of Mercury trine BTC Jupiter, probably not strong enough to pump but could be strong enough to hold and make another try at 48800- 49000. After that we are watching Mercury leaving Virgo and losing dignity as it enters Libra tonight 10pm Pacific time and makes a very unfavorable trine to BTC Pluto tomorrow evening. This is followed by another unfavorable of Mars conjunct BTC Saturn on Wed Sept. There no aspects that indicate a major pump to new highs, so, Astro TA is giving a decent probability of a “healthy correction” and significant pullback this week and short term traders could look to flip to trade short today into this week.
Mercury trine BTC Jupiter today: Favorable
Mercury enters Libra today and loses dignity of rulership in Virgo: Unfavorable
Mercury square BTC Pluto Aug 30: Short term Very Unfavorable
Mercury trine BTC Mercury Aug 31: Favorable
Mars conjunct BTC Saturn Sept 1: Short term very Unfavorable
BTC 4Hr Chart: BTC remains in a bullish pennant pattern with a lower high and higher lows, this is a bullish pattern in a uptrend but Astro factors indicate we may see this pattern break down in the next 24-48hrs. BTC Just wicked up to touch the bull pennant trend line at 48800 but got rejected so far.
The 4hr MACD could not touch the current trend line, and is showing buying momentum dramatically weakening right now. (The daily MACD is also warning of a correction). The support/ resistance zone between 47800-47500 is the first area to watch, after that 46490… then 45750 is a very important S/R level to watch as well especially with the 200 DMA around 46k and this is my current target. However, If BTC is able to break out and hold above 49300 a rally continuation to new highs is still possible, a breakout above 50k would invalidate our correction forecast and leveraged short positions can add up to 49300 but stop loss should placed slightly above 50k in case the rally continues
BTC Daily: BTC rally has stalled somewhat and has been essentially stuck at the 49100 daily resistance level all week, Astro factors seem to indicate we may have a short term local top and a correction is possible but not certain. Daily MACD is also very high, turned to red and angled down, a worrisome sign which has confluence with the 4hr chart. The 200 DMA at 46000 is an important support level to watch, as are the previous daily lows around 44500. A rebound above 50k would likely invalidate our correction forecast.
