Bitcoin Technical Analysis August 23rd

Bitcoin (BTC) was up barely for the week of August 16-22, marking the fifth consecutive bullish candle.

It is nearing vital resistance at $ 50,200, a break above that would set off a robust transfer greater.

Long-term outlook for BTC

Despite final week’s positive factors, the weekly chart is giving combined alerts.

On the opposite hand, the rising help line that was beforehand damaged can now function resistance (purple symbol).

In addition, the stochastic oscillator produced a bearish cross. In addition, the supertrend has been bearish for the reason that fall on May nineteenth (purple line) and is presently at $ 54,000. After all, the amount remains to be declining for the reason that sharp decline in May.

If it is a bullish reversal, we anticipate the amount to be greater all through the decline.

On the flip facet, the MACD is above zero and is emitting a bullish reversal sign. Also, the RSI has risen above 50.

As a consequence, whereas there are each bullish and bearish indicators, the weekly chart is sloping barely downward.

BTC / USDT weekly chart | Source: TradingView

Will BTC get away?

The each day chart exhibits that BTC is nearing a vital resistance stage at $ 51,200. This is each the fib retracement resistance at 0.618 and the May continuation provide space (purple symbol).

Similar to the each day chart, the technical indicators present indicators of weak spot regardless of the price improve. Both the RSI and the MACD histogram produce bearish divergences. The stochastic oscillator can also be on the verge of a bearish cross and the trading quantity may be very low.

BTC / USDT each day chart | Source: TradingView

The six-hour chart exhibits that BTC has seemingly been trading in a rising parallel channel since July nineteenth.

Although it hit the canal’s resistance line on July 30, it failed to interrupt out. Since then, the price has not reached the resistance line and is making a bearish divergence.

This is an indication of weak spot.

Combined with the truth that BTC can also be trading close to a serious horizontal resistance, we see {that a} decisive breakout is unlikely.

BTC / USDT 6-hour chart | Source: TradingView

Future motion

When a downward transfer happens, key helps are discovered at $ 42,300 and $ 38,000. The first stage is the 0.382 Fib retracement help and the horizontal help whereas the latter is the horizontal help.

However, the precise values ​​rely upon the place BTC peaked regionally.

BTC / USDT 2-hour chart | Source: TradingView

You can see the BTC price right here.

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Disclaimer: This article is for informational functions solely, not funding recommendation. Investors ought to analysis rigorously earlier than making a call. We are usually not liable for your funding selections.

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