Bitcoin (BTC) hit a excessive of $ 46,743 on August 11, however was rejected virtually instantly afterwards.

The sustained decline was preceded by vital short-term weak spot. After that, BTC broke underneath a rising wedge.

BTC rejected

BTC has soared since hitting a better low on August fifth. This resulted in a excessive of $ 46,743 on August eleventh.

The excessive is made within the decrease a part of the $ 46,800- $ 47,800 zone. This zone is created by the confluence of fib retracement ranges and can be a horizontal space of ​​resistance. After that, BTC created a taking pictures star candle (purple icon) and crashed to $ 45,000.

The decline that preceded the bearish divergence within the RSI and MACD resulted in a decrease momentum bar, an indication that momentum is slowly reversing.

Hence, Bitcoin might have peaked on this rally.

BTC / USDT each day chart | Source: TradingView

Descending

The two-hour chart exhibits a downtrend triggered by a big bearish divergence between RSI and MACD.

On a downward transfer, key areas of help are at $ 39,900 and $ 37,770. These ranges are the 0.382 and 0.5 Fib retracement help ranges, respectively.

BTC / USDT 2-hour chart | Source: TradingView

The similar outlook is proven on the six hour timeframe. It additionally includes a double prime, with the second prime being adopted by an engulfing bearish candle.

BTC / USDT 6-hour chart | Source: TradingView

Count waves

The variety of long-term waves shouldn’t be solely clear. However, the upper excessive on Aug. 11 means that the fifth wave could also be over.

In this case, it was a part of an ending crossover that concluded with a excessive of $ 46,743. After that, BTC broke beneath the rising wedge and should have initiated a correction.

If so, BTC might fall in direction of the help ranges outlined above.

Hourly BTC / USDT Chart | Source: TradingView

You can see the Bitcoin price right here.

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

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