The Bitcoin price fell on August 30, 2021. The daily closing price was $ 46,892. This was around USD 2000 below the opening price (USD 48,787).
The Bitcoin price first broke under an ascending support line and then under a descending channel.
Bitcoin price daily chart analysis
The Bitcoin price has fallen since August 22, 2021. On this day, the BTC price reached its last high at USD 50,500. The day candle also has the shape of a shooting star candlestick. The high point is near the horizontal resistance area at USD 51,200 or the 0.618 Fib retracement level.
Before the current downward move, there was already significant bearish divergence on the MACD and RSI. However, there is also a possible hidden bullish divergence on the RSI. However, if today’s closing price is below the low of August 26, 2021, this bullish divergence will be invalidated.
The fact that yesterday’s closing price was well below the opening price is a sign that the BTC price is weakening. As long as the Bitcoin price does not validate the resistance area at USD 51,200 as support, we cannot assume that the trend is bullish. The next major support area is at $ 42,400. This is where the 0.382 fib retracement level is located.
B.TC Course short-term outlook
The analysis of the 6-hour chart also suggests that the Bitcoin price will fall for the time being. On the 6-hour chart you can see that the BTC price has broken below a descending support line and has validated this as resistance several times. Both the MACD and the RSI signal that the BTC price will continue to fall. The MACD is in the negative territory and the RSI is below the 50 line.
On the 1-hour chart you can see that the BTC price has broken below a descending, parallel channel and is currently validating this as resistance. Should the Bitcoin price break below the horizontal support area at USD 46,700, then we could see a strong and rapid downward movement.
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Translated by Maximilian M.
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