Bitcoin (BTC) rose within the week of August 30 by September 5, beginning the week at $ 48,767 and shutting at $ 51,900.

While technical indicators are offering combined indicators, BTC stays above the horizontal resistance space of ​​$ 51,200.

The long-term prospects of BTC

BTC opened on Aug. 30 at a price of $ 48,767. It has been rising steadily for the week, making a bullish candle and shutting at $ 51,900.

Despite the uptrend, the weekly chart isn’t but an uptrend.

BTC has but to regain the ascending help line that broke it. This line beforehand existed since March 2020. BTC remains to be within the strategy of confirming this line as a resistance (crimson symbol). In addition, the resistance is elevated by the tremendous pattern line.

However, each the RSI and the MACD are giving bullish indicators. In it the RSI has moved above 50 and the MACD line is in optimistic territory and sloping up. In addition, the MACD’s histogram gave a bullish reversal sign.

Weekly BTC / USDT Chart | Source: TradingView

Current resistance

The technical indicators for BTC’s day by day timeframe supply a combined outlook.

Since August 13, each the RSI and MACD have created vital bearish divergences. The RSI has additionally reached its bearish divergence.

However, the MACD produced the next momentum bar. In addition, the supertrend line is bullish.

While technical indicators are giving combined indicators, price motion stays bullish. First, the September third closing price was the best since May and the September fifth closing price was even greater. The latter degree helped BTC transfer above the $ 51,200 resistance space, which corresponds to the 0.618 fib retracement degree and the horizontal resistance space. The subsequent space of ​​resistance is at $ 59,300.

It is price noting that the outbreak occurred at a low quantity (crimson icon).

BTC / USDT day by day chart | Source: TradingView

Future motion

Similar to the weekly timeframe, the six-hour chart exhibits that BTC is breaking beneath a rising help line.

Price is at present approaching this line and is more likely to affirm it as resistance. Similar to the RSI on the day by day timeframe, the MACD has additionally reached its bearish divergence.

The earlier ascending help line is at present at $ 53,000.

Therefore, whereas the breakout has not but been confirmed, it appears possible that BTC will proceed to rise, a minimum of within the quick time period.

BTC / USDT 6-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 usually are not chargeable for your funding choices.

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According to Beincrypto

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