Bitcoin (BTC) fell significantly in the week of September 6-12, falling as low as $ 42,843 before rising to $ 46,000.
While BTC is still trading above the short-term support and showing some bullish signals, the long-term trend is slowly turning bearish.
The long-term movement of BTC
BTC created a large bearish candle last week with opening and closing prices at $ 51,756 and $ 46,025, respectively.
The price decline came after price was rejected by the rising support line it had previously broken and the supertrend resistance line (red symbol). Hence, BTC has now confirmed this line as resistance.
While the RSI is above 50 and the MACD is in positive territory, both are showing signs of weakness and are likely to fall.
As a result, the weekly chart is sloping down.
Weekly BTC / USDT Chart | Source: TradingView
Current support
The daily chart shows that BTC is still floating above the USD 43,950 support area. This level is both horizontal support and 0.382 Fibonacci retracement support.
However, the technical indicators are falling. The RSI has fallen below 50 and the MACD is about to break into negative territory.
Hence, the indicators favor a bearish outlook on the weekly timeframe, which means the trend could be bearish.
BTC / USDT daily chart | Source: TradingView
However, the two-hour chart shows that BTC is likely to rebound.
Both the short-term MACD and RSI create bullish divergences. Their trend lines are also still intact.
The next resistances are at $ 47,850 and $ 49,050, which are the 0.5 and 0.618 fib retracement resistance levels, respectively.
BTC / USDT 2-hour chart | Source: TradingView
Count waves
The most likely number of waves indicates that BTC is in wave B of the ABC flat correction structure.
Within this structure, the price is likely to fall as low as $ 42,855, which was hit on September 7th, before rising towards the aforementioned Fib resistance levels.
BTC / USDT 2-hour chart | Source: TradingView
You can see the BTC 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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