Bitcoin (BTC) fell significantly over the week of September 6-12, reaching a low of $42,843 before rising back above $46,000.
While BTC is currently trading around short-term support and emitting positive signals, the long-term trend is negative.
Last week, BTC formed a bearish engulfing candlestick, with opening and closing prices of $51,756 and $46,025, respectively.
The drop occurred following a rejection from the ascending support line it had previously broken and the Supertrend resistance line (red icon). As a result, BTC has validated the line as resistance.
While the RSI is above 50 and the MACD is positive, both indicate weakness and may decrease.
BTC is still trading above the $43,950 support level, according to the daily chart. The level represents a horizontal support region as well as the 0.382 Fib retracement support level.
Technical indications, on the other hand, are trending negatively. The RSI has dropped below 50, and the MACD has nearly turned negative.
As a result, the values match those from the daily period, indicating that the trend may turn bearish.
The two-hour chart, on the other hand, indicates that a BTC rebound is likely.
Both the MACD and the RSI have produced positive divergences in the near term. Furthermore, their trendlines are still intact.
The nearest resistance levels are $47,850 and $49,050, corresponding to the 0.5 and 0.618 Fib retracement resistance levels, respectively.