Bitcoin has taken a major leg up in the last few weeks. In our past notes, we had anticipated a rally till mid of August. Since then BTC has moved up from below 40K and broken past the critical $42,000 resistance and also the 20 week moving average at ~ $45,000. We believe that the market should take a breather here. We expect the price to consolidate for some time in the $40K - $45K range before taking decisive action towards the end of August, early September. The volatility continues to trade rich and there is interest to write the upside beyond $50K for Aug and Sep. $50,000 is the crucial level here - a clean break above that will attract fresh flows and confirm that market correction has completed. #CryptoTrading
