Bitcoin (BTC) struggles to hold support after weekly dip

Bitcoin (BTC) fell considerably during the week of September 6-12, falling to a low of $ 42,843 before recovering to $ 46,000.

While BTC is still trading above short-term support and showing some bullish signals, the long-term trend is gradually turning bearish.

Long-term BTC movement

BTC has created a bearish swallow candle last week, with opening and closing prices of $ 51,756 and $ 46,025 respectively.

decline came after a rejection of the previously broken ascending support line and the Supertrend resistance line (red icon). Hence, BTC has now validated the line as resistance.

Although the RSI is above 50 and the MACD is positive, they are both showing signs of weakness and could start to fall.

refore, the weekly chart tends to be bearish.

Current support

daily chart shows that BTC is still above the $ 43,950 support area. level is both a horizontal support area and the 0.382 Fibonacci retracement support level.

However, technical indicators are turning bearish. RSI has dropped below 50 and the MACD is almost negative.

refore, the readings line up with those of the daily time frame, suggesting that the trend could turn bearish.

However, the two-hour chart suggests that a BTC rebound is likely.

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Both the MACD and the short-term RSI have generated bullish divergences. Also, its trend lines are still intact.

closest resistance levels are at $ 47,850 and $ 49,050, the Fibonacci Retracement Resistance Levels of 0.5 and 0.618, respectively.

wave count

most likely wave count indicates that BTC is in wave B of an ABC flat corrective structure.

In this structure, the price is likely to decline towards the low of $ 42,855 that was reached on September 7 before climbing towards the Fibonacci resistance levels described above.

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.

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