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Bitcoin price continues downward trend – bullish trend over at 50k?

The BTC price hit its last high at $ 50,500 on August 23, 2021. Since then, the BTC price has been on a downward trend.

The Bitcoin price could break below an ascending support line and the Bitcoin price could then fall to at least 42,400 USD.

Bitcoin price daily chart analysis

Bitcoin price has been on a downward trend since it hit its last high of $ 50,500 on August 23, 2021. You can therefore see a long, upper wick on the day candle of August 23, 2021. The daily closing price of the next candle was well below the opening price. For these two reasons, you can see a completed evening start pattern on the daily chart. The high is near the horizontal resistance area at USD 51,200 and the 0.618 fib retracement levels.

Before the current downward move, there was already a bearish divergence on the MACD and RSI. In addition, the trading volume has continued to decline during the upward movement to the all-time high. The Bitcoin price recovered somewhat on August 25, 20201. However, the BTC price fell again today. It could very well be that today’s candle takes the shape of an engulfing bearish candlestick.

BTC price chart TradingView

Bitcoin price short term outlook

The 6-hour chart also shows bearish divergence on the MACD and RSI, which preceded the downward move. In addition, the Bitcoin price has followed an ascending support line since July 20, 2021. The BTC price is just about to break below this line. Should that happen, we could see a bearish move ending in the horizontal support area at $ 42,400. The 0.382 fib retracement level is also located there.

BTC Price Chart By TradingView

B.TC Wave analysis course

In yesterday’s Bitcoin analysis, we already mentioned that the correct wave count cannot yet be clearly determined. In the first likely scenario, the Bitcoin price has completed the third wave of a bullish impulse (orange). After the completion of the third wave there would be a strong and rapid downward movement. As soon as this is over, the BTC price would have hit a new, higher low.

In the second scenario, the BTC price has gone through an ABC correction structure (shown in black). In this case, too, the BTC price would then fall, but would rather reach new lows.

Bitcoin Price Chart TradingView

Click here for the last BTC analysis by BeInCrypto!

Translated by Maximilian M.

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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