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Bitcoin price is approaching critical resistance area

Bitcoin price is now approaching the critical resistance area between $ 46,800 and $ 47,800.

On the daily, 6-hour and 2-hour charts, there are some indications that the current upward movement has lost momentum, which is why the Bitcoin price will soon have reached the next top.

Bitcoin price daily chart analysis

Bitcoin price has fallen since bottoming out at $ 29,278 on July 20, 2021. On August 5, 2021, the Bitcoin price then hit a higher low and rose and then continued the upward movement.

On August 10, 2021, the BTC price will then hit the last high at USD 46,700. The BTC price is currently approaching the significant resistance area, which is between USD 46,800 and USD 47,800. The lower limit of the range is the longer-term 0.5 fib retracement level (white) and the upper limit is the shorter-term 0.618 fib retracement level (black). In addition, the area is a horizontal resistance area.

If the Bitcoin price validates this level as support, then the trend is probably bullish again. The Stochastic Oscillator and MACD look bullish, but there is a bearish divergence on the RSI (the blue line).

Bitcoin Price Course Chart TradingView

Bitcoin price short term outlook

There is some evidence on the 6-hour chart that the current upward move has lost momentum. There are bearish divergences to be seen on the MACD as well as on the RSI. Should there be a decline, the Bitcoin price will find support at USD 39,900 and USD 37,770. There you will find the 0.382 fib retracement level and the 0.5 fib retracement level.

Bitcoin Price Chart TradingView

The 2-hour chart looks similar. The same divergences can be seen on the MACD and the RSI. Therefore, it would make sense for Bitcoin price to hit the next local top in the aforementioned resistance area between $ 46,800 and $ 47,800.

Bitcoin Price Chart TradingView

Bitcoin course wave analysis

Even if the long-term wave analysis cannot be clearly determined, the BTC price is probably currently in the fifth wave of a short-term, bullish impulse (black). A Fib projection of the first three partial waves (black) gives the price target of USD 47,750 for the high point of the last wave. If you only use the first wave for the projection, you get 47,250 USD (orange) as a price target.

Bitcoin Price Chart TradingView

Click here for the last Bitcoin analysis by BeInCrypto!

Click here for the last Bitcoin on-chain analysis by BeInCrypto

Disclaimer of liability

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general informational purposes only. Any action that the reader takes based on the information found on our website is entirely at your own risk.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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