Bitcoin (BTC) continued its rally on September 3rd however was rejected earlier than reaching the horizontal resistance space of ​​$ 51,200.

BTC has damaged out of the brief time period declining resistance line and is making one other try to strategy this resistance space.

BTC is approaching the resistance zone

On September 2, BTC tried to maneuver above the USD 51,200 resistance space. However, it solely hit a excessive of $ 50,450 earlier than a protracted prime wick and reverse price emerged.

Technical indicators provide a combined outlook. On the flip facet, the MACD has virtually entered adverse territory after creating a major bearish divergence. Similarly, the RSI has additionally created bearish divergence.

On the opposite hand, the RSI is attempting to neutralize the bearish divergence by making a hidden bullish divergence (yellow) and the supertrendline is bullish.

Therefore, the indications favor each an upward and a downward motion.

The price motion stays sloping down, nevertheless, as BTC is trading beneath the $ 51,200 area and has created some lengthy wicks above it, which is seen as an indication of promoting strain.

BTC / USDT day by day chart | Source: TradingView

Future motion

Similar to the day by day timeframe, the six-hour chart provides combined alerts.

After BTC broke beneath the rising assist line on August twenty sixth, the bulls made a number of unsuccessful makes an attempt to regain it.

Also, the RSI is floating freely above and beneath the 50 mark, an indication of an indefinite pattern. Even if the MACD is in constructive territory, it has created a bearish divergence.

As a consequence, whereas the indications are giving combined alerts, price motion continues to be sloping downward.

BTC / USDT 6-hour chart | Source: TradingView

However, the two-hour chart exhibits that BTC is breaking above the descending resistance line after which confirming it as assist (inexperienced symbol). The restoration was additionally initiated from the assist degree of the 0.5 Fib retracement.

Hence, it appears like BTC will make one other try to interrupt the USD 51,200 resistance space. We can’t but choose whether or not it is going to be profitable.

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 choice. We aren’t accountable for your funding selections.

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