Briefly –
- Bitcoin approaches the critical resistance $46,800 – $47,800
- The coin has its supports at $37,770 and $39,900.
- Bitcoin appears in the fifth wave of a bullish whim.
Recent actions have BTC approaching a critical resistance zone formed by Fib resistances confluence between $46,800 and $47,800.
Most near-term time frames indicate weakness, showing that Bitcoin may be approaching its top.
BTC Nears Resistance
Bitcoin has seen its value surging after reaching a local low on 20 July, trading at $29,278. The leading cryptocurrency resumed uptrends on 5 August after creating a high low.
So far, Bitcoin managed to reach $46,700 high on 10 August.
The dominant crypto approaches a crucial resistance zone between $46.8K and $47.8K. BTC experiences resistance from the .618 Fibonacci retracement, a horizontal resistance level, and 0.5 Fibonacci retracements. If Bitcoin sustains its bullish outlook, it can overpower these resistances.
Though the MACD and Stochastic Oscillator retained bullishness, the Relative Strength Index made a bearish divergence.
Near-term Weakness
The 6-hour chart indicates slight weaknesses in the BTC network. The RSI generated bearishness.
Also read:With price decreases, Bitcoin will have its nearest support at $39,900, then $37,770. These are the 0.5 and 0.382 retracement support areas.
The 2-hour price chart depicts similar readings as MACD and RSI had divergences.
For now, Bitcoin has chances to claim its top in the resistance area ranging from $46,800 to $47,800.
Wave Count
Although the long-term Bitcoin wave seems unclear, the near-term count suggests that the prominent crypto might be in the 5th wave of a bullish move.
The 1-3 wavelengths project the $47,750 while wave 1 gives the $47,250 target.
Meanwhile, the current Bitcoin attitude has had market players predicting that the coin will trade over $100K by next year. Most analysts believe that the crypto market prepares for massive rallies at the moment. However, keep in mind that some analysts said BTC would plunge to $20K weeks ago. That is why you have to be careful when using speculations to invest. Bitcoin and the crypto space will necessitate the correct catalysts to move the price higher.
Do you think Bitcoin will extend its surges? Share your comments below.
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