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Bitcoin has been retracing since July 30, but it is trading inside a short-term bullish pattern and has reached short-term support.
The daily chart shows that Bitcoin has broken out from a descending resistance line that had previously been in place since the end of March. Bitcoin broke out on July 18 but has not increased considerably since.
BTC has, however, broken out from the $21,750 horizontal area and validated it as support afterward and the daily RSI has moved above 50.
There is a slight bearish divergence that is now developing in the RSI. This could lead to a short-term retracement towards the $21,750 horizontal area prior to any upwards continuation. The next closest resistance area is found at $29,370. This target is the 0.382 Fib retracement resistance level.
Source: BTCUSD on TradingView.com
The six-hour chart shows that BTC could still be following an ascending support line that was created in the middle of June. The line currently intersects near $21,800, aligning with the previously outlined horizontal support area.
There is also Fib support found between $22,250 and $22,700, created by the 0.5-0.618 Fib retracement support levels.
The two-hour chart shows that Bitcoin has been trading inside a descending wedge since reaching its July 30 local highs. The descending wedge is often considered a bullish pattern, meaning that a breakout from it would be likely.
Hourly MACD – The MACD is now gaining pace in the bearish zone
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level
Major Support Levels – $22,680, followed by $22,000
Major Resistance Levels – $23,300, $23,750 and $24,000
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