Bitcoin (BTC) rebounded strongly within the week of August 2-8, hitting a excessive of $ 45,310.

It is nearing a robust confluence of resistance ranges between $ 46,950 and $ 47,750. In addition, the short-term time frames present weaknesses.

Bitcoin weekly outlook

BTC has created three consecutive bullish bars within the weekly timeframe and is within the course of of making a fourth bar.

The upside motion started after the price bounced off the horizontal help space of ​​$ 29,000 on July twenty first.

Currently, BTC is trading beneath the 0.5 fib retracement resistance at $ 46,950.

Technical indicators are displaying some bullish indicators, however not sufficient to verify a bullish reversal. While the MACD is displaying a bullish reversal sign and the RSI has simply handed the 50 mark, the stochastic oscillator remains to be falling.

Weekly BTC / USDT Chart | Source: TradingView

BTC is approaching resistance

The day by day chart exhibits BTC is nearing a tough resistance stage between $ 46,950 and $ 47,750. Resistance is created by the brief time period 0.618 Fib resistance stage (black), the long run 0.5 Fib retracement stage (white) talked about above, and a horizontal resistance vary.

While the technical indicators are nonetheless bullish, the RSI has seemingly created a hidden bearish divergence.

BTC / USDT day by day chart | Source: TradingView

Future motion

There are additionally different indicators of weak point within the decrease timeframes, such because the six-hour chart. Both RSI and MACD create bearish divergences. Also, it appears like BTC is transferring alongside an ascending resistance line, having simply turned its price down.

When a downward transfer happens, the following helps are discovered at $ 39,900 and $ 37,750.

BTC / USDT 6-hour chart | Source: TradingView

The two-hour chart can also be offering related alerts. Both the MACD and RSI created important bearish divergences.

These indicators help the chance {that a} short-term downward transfer is imminent.

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 rigorously earlier than making a choice. We usually are not accountable for your funding choices.

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According to Beincrypto

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