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Bitcoin (BTC) Breaks Out From Range With Strength

Bitcoin (BTC) increased significantly throughout the week of Aug 2-8, reaching a high of $45,310.

It’s approaching a powerful confluence of resistance levels between $46,950 and $47,750. Along with this, short-term time frames are exhibiting weak spot.

Bitcoin weekly outlook

BTC has created three consecutive bullish candlesticks within the weekly time frame and is within the course of of making a fourth.

The upward transfer started after the worth bounced on the $29,000 horizontal help space on July 21.

Presently, BTC is buying and selling underneath the 0.5 Fib retracement resistance degree at $46,950.

Technical indicators are exhibiting some bullish indicators, however not sufficient to verify a bullish reversal. Whereas the MACD has given a bullish reversal sign and the RSI has simply crossed above 50, the Stochastic oscillator remains to be bearish.

BTC weekly chart
BTC Chart By TradingView

BTC approaches resistance

The each day chart reveals that BTC is approaching a powerful resistance degree between $46,950 and $47,750. The resistance is created by the short-term 0.618 Fib retracement résistance degree (black), the beforehand outlined long-term 0.5 Fib retracement degree (white), and a horizontal resistance space.

Whereas technical indicators are nonetheless bullish, there’s a potential bearish divergence creating within the RSI.

BTC daily movement
BTC Chart By TradingView

Future motion

Equally, there are extra indicators of weak spot in even decrease time frames such because the six-hour chart. Each the RSI and MACD have generated bearish divergences. Along with this, it appear that BTC is following an ascending resistance line, which has simply rejected the worth.

If a downward transfer happens, the closest help ranges could be discovered at $39,900 and $37,750.

BTC bearish divergence
BTC Chart By TradingView

Along with this, the two-hour chart supplies a really related studying. Each the MACD and RSI have generated appreciable bearish divergences.

These readings help the chance {that a} short-term downward transfer might quickly transpire.

BTC short-term
BTC Chart By TradingView

Disclaimer

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Source: Bitcoin (BTC) Breaks Out From Range With Strength

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