Categories: Analysis

Bitcoin Technical Analysis August 17th

Bitcoin (BTC) was rejected by the long-term resistance space and hit an area excessive at $ 48,200. Should a double prime set up itself, BTC may right briefly earlier than resuming its upward motion.

Bitcoin has moved up for the reason that July twentieth low of $ 29,300. BTC hit the next excessive at $ 42,600 and the next low at $ 37,300. Last weekend, BTC posted a good larger excessive at $ 48,200.

The present construction clearly reveals a resumption of the uptrend within the day by day timeframe. However, the BTC price has been rejected by the long-term resistance space between $ 46,800 – $ 48,000 (pink zone). This is the confluence of resistance ranges together with the 0.5 fib retracement degree of the overall downward transfer and the horizontal resistance space.

BTC / USDT day by day chart | Source: TradingView

Technical indicators present that the present upward pattern is weakening. RSI has rejected the 70 line and is transferring down. In addition, there was a bearish divergence (pink arrow).

The MACD histogram is printing decrease momentum bars and is about to show adverse (orange arrow). The stochastic oscillator continues to be within the bullish territory however has shaped a bearish cross.

BTC / USDT day by day chart | Source: TradingView

BTC double prime sample and future motion

The 4-hour chart reveals the formation of a short-term double prime (blue arrow). This is a bearish sample that comes with a bearish divergence within the RSI. Hence, BTC may right within the subsequent few days.

BTC / USDT 4-hour chart | Source: TradingView

When this occurs, the draw back could also be in direction of the 2 major assist areas of $ 42,600 and beneath to $ 37,300. The first goal is the 0.382 Fib retracement degree and the highest created on August 1, 2021. Confirmation of this degree as assist can be a bullish sign and create the next low within the uptrend.

Meanwhile, the second goal is the 0.236 Fib retracement degree which creates the next low talked about above. The bulls want to carry this degree to maintain the uptrend going.

Even so, there’s nonetheless a bullish situation for the bulls. It occurs when the double prime turns into invalid. The subsequent up transfer goal is at $ 51,000, the 0.618 fib retracement degree of all the down transfer.

Repeat fractal in $ 10,000 area?

Trader @Inmortalcrypto revealed two charts on Twitter yesterday to match the present price growth with the interval from August to September 2020.

The supply: Twitter

Similar to our evaluation, the chart suggests a short-term correction. Bitcoin will hit the next low and proceed to consolidate for one more month. If so, Bitcoin may proceed its bull market into the fourth quarter of 2021.

You can see the Bitcoin price right here.

Disclaimer: This article is for informational functions solely, not funding recommendation. Investors ought to analysis fastidiously earlier than making a choice. We should not liable for your funding choices.

SN_Nour

According to Beincrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

CoinX

Recent Posts

Crypto PAC Fairshake Continues to Boost 2026 Election With Support from a16z

a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…

46 mins ago

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

4 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

7 hours ago

Step into BlockDAG’s Presale Frenzy This November: Secure a Massive 100% Bonus with BDAG100!

November is the perfect time for BlockDAG's huge presale. Use BDAG100 to double your purchase.…

9 hours ago

This website uses cookies.