Bitcoin : Bitfinex observes a reversal of the weekly Super Trend

Bitcoin has just recorded a technical change that Bitfinex had been expecting for several days. According to the exchange, BTC’s weekly Super Trend has become bullish again for the first time since the start of the downward trend. The signal comes after the powerful rebound in August, which had brought the price from the $63,000 area to over $80,000.

In Brief

Bitcoin Finally Crosses the Threshold Expected by the Super Trend

The change did not happen suddenly. On September 1st, Bitfinex was still observing a bearish weekly Super Trend with a line around $79,600. Bitcoin was then trading less than $1,000 from this threshold. A few days later, the close above the line flipped the indicator.

This development happens while Bitcoin remains confronted with significant resistance around $82,000. On September 6th, BTC was still trading around $80,000 after failing to hold its move above this zone.

The Super Trend works with volatility, measured notably by the Average True Range, or ATR. When its line stays above the price, the trend is considered bearish. When it falls below the price, the indicator instead classifies the trend as bullish.