Bitcoin Price Prediction – August 16
The Bitcoin price action has seen a strong rally over the past weeks as the king coin fails to breach $48,000 again.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $52,000, $54,000, $56,000
Support Levels: $43,000, $41,000, $39,000
As the daily chart indicates, BTC/USD is currently hovering at the $46,378 level. However, there have been instances when BTC has exchanged hands below $46,500 sustaining the bearish price action which is a downhill task. Meanwhile, with the look of things, the recent path of the least resistance is still bearish.
Bitcoin Price Prediction: BTC Set To Retest the Previous Low
The Relative Strength Index (14) is sliding towards 60-level. Meanwhile, despite the drop suffered, the RSI (14) is not too far from the overbought region. The Bitcoin price may follow the downtrend should in case the king coin cross below the 9-day moving average.
From above, the daily chart reveals that recovery may not come easy as the support will have to be seen above the 9-day moving average and a sustainable move above this barrier could be located around $47,000 and may negate the bearish scenario which could allow for an extended recovery towards the resistance levels at $52,000, $54,000, and $56,000. However, an increase in selling pressure across the market could force the coin towards the support levels of $43,000, $41,000, and $39,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
According to the 4-hour chart, the Bitcoin price is trading below the 9-day and 21-day moving averages. BTC/USD has not been able to survive the $46,000 support as the market resumes downside momentum. However, the first digital asset is likely to return to the bear market if the price breaks below the lower boundary of the channel. Meanwhile, the nearest support is located at the $45,000, and as the technical indicator reveals, the Relative Strength Index (14) moves to cross below 45-level.
On the other hand, if the bullish movement steps back, the resistance level of $47,500 may be visited. More so, BTC/USD is likely to rise to $48,000 and above if the moves toward the upper boundary of the channel.
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
75% of retail investor accounts lose money when trading CFDs with this provider