The Bitcoin price started an upward movement on August 31, 2021, which ended at the high point at 48,246. The upward movement was short-lived. That is why you will see a long, upper wick on the corresponding day candle.
On the daily chart there are some indications that the Bitcoin price could fall. In the short term, however, the Bitcoin price will rise for the time being.
Bitcoin price daily chart analysis
Yesterday the BTC price started an upward movement. However, it didn’t last very long. That is why you will see a long, upper wick on the corresponding day candle. The daily closing price was only slightly above the opening price.
Aside from a hidden bullish divergence that would be invalidated by a daily closing price below the opening price, the technical indicators look bearish.
A bearish divergence has developed on both the MACD and RSI before the drop. In addition, the MACD is on the verge of falling into negative territory. The RSI is near the 50 line.
The next major level of support is at $ 42,400.
Bitcoin price short-term outlook
The BTC price has broken below an ascending support line. However, there was no sharp downward movement after that. Bitcoin price has been trading near the breakout point so far.
However, the technical indicators are still giving us bearish signals. The MACD is in negative territory and the RSI is below 50.
On the 2-hour chart, however, there are some indications that the Bitcoin price will rise for the time being.
The BTC rate is currently within a descending, parallel channel. Corrective movements often take place within this pattern. The BTC course will soon break out of this.
In addition, the BTC rate bounced off the support area at USD 46,800 after testing the support level several times. In addition, the MACD is rising again.
The long-term trend still looks bearish. In the short term, it is most likely that the Bitcoin price will break out via the channel.
Bitcoin course: what will happen in the long term?
The long-term wave count cannot yet be clearly determined. Both the bearish variant (red) and the bullish variant (orange) are possible. However, since the Bitcoin price has not fallen rapidly and sharply, the bullish variant seems more likely.
Nevertheless, the Bitcoin price could fall again to 42,400 USD. However, it seems more likely that the BTC price will rise again first in the B wave.
In the other variant, the BTC price would be in a 4th wave triangle. The BTC price would then break out of this after a consolidation phase.
Click here for the last Bitcoin analysis by BeInCrypto!
Translated by Maximilian M.
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