Bitcoin rose to a substantial of $ 50,500 on August 23. However, the rate was unable to retain upward momentum and designed a prolonged upper wick.
Although BTC is increasing along with the ascending assistance line, the rate is also displaying substantial indications of decline. A break of this assistance line could be the catalyst for a sharp decline.
Bitcoin is approaching resistance
On August 23, Bitcoin hit a substantial of $ 50,500. This degree is really shut to the .618 Fib retracement resistance and the $ 51,200 horizontal resistance place.
BTC has designed a prolonged upper wick and probable shooting star formation. Today’s closure is really critical, as it can verify or deny a attainable reversal by the shooting star.
Technical indicators present weakness. MACD and RSI have designed a bearish divergence and this line is providing a bearish reversal signal. The Stochastic Oscillator is also really shut to creating a bearish cross.
Future motion
Graph H6 supplies a equivalent standpoint. Both the RSI and MACD are generating bearish divergences, a signal of a probable reversal.
However, BTC is nonetheless following an ascending assistance line. As prolonged as the Bitcoin rate stays over this assistance, the upward trend stays intact.
However, a break in the chain could be the catalyst for a sharp drop in charges. In this situation, the closest assistance will be observed at $ 42,500. This target is the .382 Fib retracement assistance and the horizontal assistance.
Conversely, a break over $ 51,200 could set off a robust rally to $ 59,200. At the time of creating, this appeared unlikely.
Currently, there is substantial resistance just over this rate and the path of least resistance is to the downside.
Synthetic currency 68
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Bitcoin’s submit nonetheless continues the battle with the $ 50,000 degree appearing very first on Coinlive.