Bitcoin confidently moves toward $47,000 resistance

Multiple short-term time frames are showing weakness, suggesting that BTC might be approaching a top.

BTC has been increasing since July 20 after it reached a local low of $29,278. It created a higher low on Aug 5 and resumed its ascent after.

So far, it has managed to reach a high of $46,700 on Aug 10.

It’s approaching a very significant resistance level between $46,800 and $47,800. The resistance is created by the long-term 0.5 Fib retracement level (white), the short-term 0.618 Fib retracement level (black), and a horizontal resistance area.

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