Bitcoin price hit a daily high of $ 46,743 on August 11, 2021. However, the BTC price fell again shortly afterwards.
The Bitcoin price then broke out below an ascending wedge pattern. There were already some signs on the daily and 6-hour charts that the current upward move was losing steam before the downward move.
Bitcoin price daily chart analysis
Bitcoin price has risen fairly quickly since hitting a higher low on August 5, 2021. After that, on August 11, 2021, it hit the last high of $ 46,743.
The high point is slightly below the price range between $ 46,800 and $ 47,800. There are two fib retracement levels as well as a horizontal resistance area. Since the BTC price was rejected in the price range and then fell to around 45,000 USD, the corresponding day candle has the shape of a shooting star candle stick.
There was already a bearish divergent on the RSI prior to the downward move. In addition, the last MACD histogram bar is smaller than the previous one. This is a signal that the upside has lost momentum.
So it is quite possible that we have already reached the last top.
Bitcoin price short term outlook
On the 2-hour Bitcoin chart you can see that there were significant bearish divergences on the RSI and on the MACD before the downward movement.
The next two support areas are at $ 39,900 and $ 37,770 (the 0.382 and 0.5 fib retracement levels).
The 6-hour chart looks similar. There is also a double-top pattern on it. After the second top, a bearish engulfing candlestick also appeared.
Bitcoin course wave analysis
The longer-term wave analysis cannot be clearly determined. However, the high point last night is a sign that the Bitcoin price has completed the fifth wave of a bullish impulse.
If so, then the top at $ 46,743 was part of an ending diagonal pattern. After that, the Bitcoin price has descended from the ascending wedge pattern and has now possibly started a correction phase.
If that is the case, then the Bitcoin price will approach at least one of the previously mentioned support levels.
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Translated by Maximilian M.
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