The Bitcoin price rose sharply in the last week (August 2, 2021 – August 8, 2021). The weekly high was $ 45,310.
Bitcoin price is currently approaching the resistance area which is between $ 46,950 and $ 47,750. The 6 and 2 hour charts show us that the current upward move has lost some of its momentum.
Bitcoin price weekly chart analysis
On the weekly chart you can see that the closing prices of the last three candles were above the opening prices. This could also be the case this week. The upward movement began shortly after the BTC price bounced off the support at USD 29,000 on July 21, 2021. Bitcoin price is currently near the 0.5 fib retracement level (USD 46,950).
The technical indicators give us some bullish clues. However, they have not yet been able to confirm a bullish trend reversal. There was a bullish reversal signal on the MACD. Also, the RSI has risen just over 50. However, the Stochastic Oscillator still looks bearish.
Bitcoin price daily chart analysis
Bitcoin price is now approaching the resistance area, which is between $ 46,950 (the 0.5 fib retracement level) and $ 47,750 (the 0.618 fib retracement level). There is also a horizontal resistance area there. The technical indicators look bullish. However, a bearish divergence may be developing on the RSI right now.
Bitcoin Kurs short term outlook
On the smaller timeframes there is some evidence that the current upward movement is losing speed. The 6-hour chart shows bearish divergence on both the RSI and the MACD. In addition, the Bitcoin price followed an ascending resistance line, from which the BTC price has already been rejected several times. The next major support levels are at $ 39,900 and $ 37,750.
The 2-hour chart gives us a similar picture. Again, there is a bearish divergence on both the MACD and RSI. This suggests that the Bitcoin price will soon fall in the short term.
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Translated by Maximilian M.
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