Bitcoin (BTC) rose slightly on September 29, but was unable to continue its upward trend. However, on September 30, it surged above $ 43,000 before falling slightly again.
BTC has broken a short term descending resistance line and is moving towards the next resistance area.
BTC is currently trying to move above the $ 44,000 region that previously acted as support but has now turned into resistance.
Technical indicators in the daily timeframe are showing some bullish signs such as a higher momentum bar in the MACD. However, the RSI is still below 50 and the MACD is still in negative territory.
BTC / USDT daily chart | Source: Tradingview
The six-hour chart shows that BTC has been trading in a descending parallel channel since falling on September 7th.
It is currently in the upper part of the channel after rising from the midline and the 0.5 fib retracement support.
In addition, both the MACD and RSI are rising. Combined with the fact that parallel channels often contain corrective structures, a breakout would be the most likely scenario.
BTC / USDT 6-hour chart | Source: Tradingview
The two-hour chart shows BTC breaking above the resistance line of a symmetrical triangle.
Additionally, it has regained the minor resistance area of $ 43,000 and is about to confirm it as support.
The uptrend is supported by both the RSI and the MACD.
Hence, it is likely that BTC will rise higher in the short term.
BTC / USDT 2-hour chart | Source: Tradingview
The most likely number of waves indicating a current decline is the ABC correction structure (orange), with wave A: C having a 1: 1 ratio. However, since the upward move is not impulsive copper, it looks like the adjustment is still ongoing.
Hence, it would make sense to say that BTC is in a complex corrective structure and is currently in wave X (black).
A rise to the 0.5 fib retracement resistance ($ 46,325) of the entire downward move will give short-term waves A: C a 1: 1 ratio.
Hence, BTC could be rejected if it climbs to $ 46,325.
BTC / USDT 6-hour chart | Source: Tradingview
You can see the Bitcoin price here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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