Bitcoin Price Prediction – August 17th
BTC / USD trading activity remains at price levels of USD 45,000 and USD 50,000 during the trading sessions. The percentage of the crypto is around 1.45 to trade at a $ 47,429 level.

BTC / USD market
Key levels:
Resistance Levels: $ 50,000, $ 52,500, $ 55,000
Support levels: $ 45,000, $ 42,500, $ 40,000

BTC / USD – daily chart
The daily BTC / USD chart shows that crypto trading activity has been holding at USD 45,000 and USD 50,000 levels. The bullish channel lines stood out in line with the uptrend in the market. The intersection of the larger SMA trendline with the smaller SMA trendline to the north suggests that some upward pressure is continuing. The stochastic oscillators have an oblique drawdown from the 80 range to near the 40 range. This suggests that the market may need to slow activity for a while.

Would the current trading situation change if the BTC / USD trading activity was at $ 45,000 and $ 50,000?

There was no tangible signal to suggest a stance in the crypto price trading outside of the $ 45,000 and $ 50,000 points as trading activity has continued to this day. Given this sentiment, it is expected that the price will have to pull down to a lesser extent to get a rally. Bulls would need to be on the lookout for this very scenario before considering a buy order. Any fearful outburst of the higher value will lead the market to other higher trading areas.

On the other hand, the market value of $ 50,000 had to be on the list of watchful areas of the crypto trading situation. In other words, it should be the viewing area that price tends to be rejected and eventually go back down in favor of some downward trading positions. Active price movements with the aim of approaching the previously mentioned higher value can, in return, test the point, so that the base instrument loses momentum against the US dollar.

BTC / USD 4-hour chart
Although the BTC / USD 4-hour chart shows that crypto trading activity remains on higher trading lines, there are some bearish candles. To take a closer look at the market trend over a few daily sessions, area-bound trading zones appear at levels of around $ 44,000 and $ 48,000. The 14-day SMA trendline bends slightly south over the 50-day SMA trendline. The stochastic oscillators briefly crossed the lines to the north against area 20 from the oversold region.

Would you like to buy or trade Bitcoin (BTC) now? Invest with eToro!

75% of retail investor accounts lose money when trading CFDs with this offer


Please enter your comment!
Please enter your name here