(BTC) Bitcoin News TodayCryptocurrencyNewsPrice Analysis

Bitcoin Price eyes $48k

Bitcoin price has boosted immensely during the week of Aug 2-8, as it reached a high of $45,310. Currently, it is moving toward an intense confluence of resistance levels which is between $46,950 and $47,750. In addition, short-term time frames are currently showing shortcomings and weaknesses. Bitcoin (BTC) has developed three successive bullish candlesticks in the weekly time frame and is currently in the process of building a fourth. 

Its upward move started after the price bounced at the $29,000 horizontal support area on July 21. And now, Bitcoin (BTC) is trading under the 0.5 Fib retracement resistance level at $46,950. Technical indicators are revealing some bullish signs, but not enough to ascertain a bullish reversal. While the MACD has given a bullish reversal signal and the RSI has just crossed above 50, the Stochastic oscillator is still bearish.

Bitcoin Moves Towards Resistance

Following the daily chart, it shows that Bitcoin (BTC) is gradually approaching a strong resistance level between $46,950 and $47,750. This resistance is created by the short-term 0.618 Fib retracement résistance level (black), the previously outlined long-term 0.5 Fib retracement level (white), and a horizontal resistance area. While technical pointers are still bullish, there is a potential bearish divergence developing in the RSI.

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BTC/USDT Crypto Chart – Source: TradingView


Bitcoin Future Movement

Furthermore, there are more signs of weakness in even shorter time frames such as the six-hour chart. Both the RSI and MACD have created bearish divergences. In addition to this, it seems that BTC is pursuing an ascending resistance line, which has just rejected the price. If a downward move happens, the nearest support levels would be found at $39,900 and $37,750.

BTC/USDT Chart – Source: TradingView

In addition to this, the two-hour chart provides a very similar reading. Both the MACD and RSI have generated considerable bearish divergences. These readings bolster the possibility that a short-term lowered move could soon happen at any time.

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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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