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Bitcoin price rises above resistance at USD 51,200

The Bitcoin price continued to rise in the last week (August 30, 2021 – September 5, 2021). Last week’s opening price was $ 48,767 and the weekly closing price was $ 51,900.

The technical indicators are giving us mixed signals, however the Bitcoin price has risen above the important resistance area at USD 51,200.

Bitcoin price: long-term forecast

The opening price on August 30, 2021 was $ 48,767. The Bitcoin price has gradually risen over the week. The weekly closing price was $ 51,900. Despite the upward movement, the weekly chart does not yet look 100% bullish.

On the one hand, the Bitcoin price first has to validate the rising support line below which it recently broke out as support. The support line has been intact since March 2020. The BTC rate may be in the process of validating this as a resistance. In addition, the Supertrend indicator also signals that there is resistance near the aforementioned trend line. However, both the RSI and the MACD are giving us bullish signals. The RSI has risen above 50 and the MACD signal line is in positive territory. In addition, the MACD gave us a bullish reversal signal.

Bitcoin Price Chart TradingView

BTC rate: current resistance

The technical indicators on the daily chart are giving us mixed signals. A bearish divergence has developed on the RSI and MACD since August 13, 2021. The RSI has recently been watching the bearish divergence line. However, the last MACD histogram bar is again larger than the previous one. In addition, the supertrend looks bullish.

So the technical indicators give us bullish and bearish signals. The course of the course looks bullish, however. First, the September 5, 2021 closing price was the highest closing price since May. On that day, Bitcoin price rose above the resistance area at USD 51,200. This resistance range is a horizontal resistance range. Also there is the 0.618 fib retracement level. The next minor resistance is at $ 51,800. Interestingly, the trading volume was quite low during the breakout (marked in red).

Bitcoin Price Chart TradingView

Bitcoin price short term outlook

You can also see on the 6-hour chart that the Bitcoin price has broken below an ascending support line. The BTC price is currently approaching the trendline and could validate it as resistance. There is also a bearish divergence on the MACD. The diagonal trendline is also just slightly above the horizontal resistance area at USD 51,200. Even if the Bitcoin price has not yet broken above the resistance line or the area, it looks as if the price will rise at least in the short term.

Bitcoin Price Chart TradingView

Click here for BeInCrypto’s last BTC analysis

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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