Bitcoin's Weekly Super Trend Flips Bullish as Price Nears Resistance
Bitcoin's weekly Super Trend has turned bullish for the first time since its downward trend began. This change, observed by Bitfinex, comes after a powerful rebound in August that pushed the price from around $63,000 to over $80,000.
The reversal of the Super Trend was not sudden. On September 1st, Bitfinex's weekly indicator had a bearish signal with a line around $79,600. However, Bitcoin's close above this line flipped the indicator a few days later.
Despite the bullish signal from the weekly Super Trend, Bitcoin remains faced with significant resistance at around $82,000. The cryptocurrency failed to hold its move above this zone on September 6th and was trading near $80,000.
The Super Trend uses volatility measurements, such as the Average True Range (ATR), to determine trend direction. When the line stays above the price, the trend is considered bearish; when it falls below the price, the indicator classifies the trend as bullish.