Bitcoin could be heading back to $50K but there is some traffic

New York (Aug 20)  Looking at the Bitcoin daily chart below the price action is looking firm but there are some concerning levels around. The price is now stuck at the volume point of control (VPOC) of the current distribution area. This is the point where most contracts have been traded in the current consolidation area. This is reflected by the peak of the bell curve on the volume profile indicator on the right-hand side of the chart.

If the price does breach the zone, the next resistance could be the psychological $50k area but a strong point could be the blue shaded zone at $52,650. Then the main purple area at $57500 and the major high at $64899.

On the downside, the green area was a big level two times on the chart and could be significant if the price falls. $41,293 was a major resistance in the past but now the price has broken through the level it could be an important support. The main VPOC on the chart is at the red horizontal line but the price is very far away from that point now, but it must be taken note of.

All in all, this is now a good move up the red shaded area is the 50% Fibonacci retracement area (not shown on the chart) and the blue level is close to the all-important 61.8%. I feel like these are two major hurdles for the Bitcoin bulls.'

KitcoNews