Bitcoin Technical Analysis August 4th

Bitcoin (BTC) has fallen since hitting an area excessive of $ 42,599 on August 2nd and has damaged beneath the ascending help line.

However, it has touched help and technical indicators counsel that the price has rallied within the brief time period.

BTC price retains falling

BTC has been falling since hitting a deviation above the resistance space of ​​$ 40,550 between July 30 and August 2 (purple circle), peaking at $ 42,559.

It is at present trading simply above the 0.382 fib retracement help at $ 37,500. The subsequent few helps are discovered at $ 35,900 and $ 34,340 – the 0.5 and 0.618 fib retracement help ranges.

The technical indicators are beginning to give a bearish sign. The MACD has proven a bearish reversal and the RSI has fallen beneath 70. However, the stochastic oscillator continues to be rising.

BTC / USDT every day chart | Source: TradingView

Incident in progress

The six-hour chart exhibits that BTC is breaking beneath a rising help line.

This coincides with the RSI, which is hovering beneath 50 (purple symbol). Interestingly, proper after the ascending help line was created, the RSI moved above 50 (inexperienced symbol).

Even so, the price is above the 0.382 fib retracement stage, a spot that’s possible to assist the price rebound.

BTC / USDT 6-hour chart | Source: TradingView

The BTC two-hour chart helps the potential of a ricochet. It appears that the downtrend is slowing down and progressively turning into an uptrend. This is clearly seen within the MACD.

In addition, the RSI has created some bullish divergences.

On an upward transfer, the subsequent resistance is at $ 40,115. That objective is the 0.5 fib retracement resistance and the horizontal resistance vary.

BTC / USDT 2-hour chart | Source: TradingView

Count waves

Short-term numbers point out that BTC is at or close to the tip of decrease wave one (black) of a bearish pulse. If so, it may quickly start to get well to finish the second sub-wave, as described above.

For long run portions click on right here.

BTC / USDT 2-hour chart | Source: TradingView

You can see the BTC price right here.

Disclaimer: This article is for informational functions solely, not funding recommendation. Investors ought to analysis fastidiously earlier than making a call. We will not be answerable for your funding selections.

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