Bitcoin Price Prediction – Aug 23
Bitcoin price is resuming the uptrend after breaking the critical barrier of $ 49,000 to hit the daily high of $ 50,499.
BTC / USD long-term trend: up (daily chart)
Resistance Levels: $ 55,000, 57,000, $ 59,000
Support Levels: $ 45,000, $ 43,000, $ 41,000
BTCUSD – daily chart
BTC / USD looks green today as the price hovers above the $ 50,000 resistance level from the $ 49,100 low. However, a daily close above the $ 50,000 mark can push the Bitcoin price further to the higher highs. In the meantime, traders should be aware that a steady rise in price can attract more buyers to enter the market as bulls could increase their positions.
Bitcoin Price Prediction: The price could soon hit a resistance of $ 55,000
As can be seen from the daily chart, Bitcoin price rose to a new weekly high at the start of today’s market, touching the resistance level of $ 50,499. Meanwhile, traders could see that Bitcoin price could continue to converge above the upper bound of the channel as the 9-day MA stays above the green of the 21-day MA, which could push the coin to higher highs. However, the Relative Strength Index (14) can break into the overbought territory to create more bullish signals.
As the daily chart shows, the first major resistance is near the $ 51,000 mark, while the main resistance is still near the $ 52,000 mark. As such, a significant break above the $ 54,000 mark could set the pace for a larger surge to the $ 55,000, $ 57,000, and $ 59,000 resistance levels. On the contrary, if Bitcoin price does not stay above the USD 50,000 resistance, it could start a new decline as the initial support on the downside is near the USD 48,500 level. If there is a downside break below the $ 47,500 and $ 46,000 support, the price could hit the $ 45,000, $ 43,000 and $ 41,000 support levels, respectively.
BTC / USD Medium – Term Trend: Bullish (4H-Chart)
Looking at the 4-hour chart, BTC / USD hovers at $ 49,152 as the price moves within the 9-day and 21-day moving averages. Intraday trading looks bearish, however, as a cross below the 21-day moving average could hit the support level at $ 47,500 and below.
BTCUSD – 4 hour chart
On the contrary, a surge above the upper bound of the channel can push BTC price to the resistance level of $ 51,500 and above. As it now turns out, it seems that the bears could likely return to the market as the Relative Strength Index (14) is now moving below the 60 mark, suggesting a downward move.
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