Bitcoin Price Prediction – August 31
The Bitcoin price is back above $47,200 as the recovery keeps coming slowly towards the 21-day moving average.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $52,000, $54,000, $56,000
Support Levels: $44,000, $42,000, $40,000
BTC/USD price movement on the daily chart is struggling below the $48,000. If the price moves above this level, then the expectation of quick recovery could turn out to be true. At the moment, BTC/USD is seen trading at $47,470 after soaring to $47,987 during the European trading hours. However, the Bitcoin price is seen pulling back to where it is currently trading and could head downwards if the bears step back into the market.
Bitcoin Price Prediction: Bitcoin (BTC) Remains At Risk of a Larger Decline
According to the daily chart, it is important for the Bitcoin price to hold the 21-day moving average within the channel and confirm it otherwise there can come a bearish breakdown when BTCUSD falls below that barrier. However, the technical indicator Relative Strength Index (14) is sending moderate signs as the signal line keeps moving above 50-level which is more likely a bullish trend at the time of the outcome.
However, BTC/USD may confirm the bullish trend if the market price moves above the 9-day and 21-day moving averages while it will continue the bearish trend if the price remains below the moving averages. Meanwhile, a strong bullish spike above the channel may likely take the price to the resistance levels of $52,000, $54,000, and $56,000.
Nevertheless, if the market decides to follow the downward trend, the Bitcoin price could hit the nearest support at $45,000, and should this support fails to contain sell-off; the market may experience another drop to the critical supports of $44,000, $42,000, and $40,000.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
According to the 4-hour chart, BTC/USD is trading below the 9-day and 21-day moving averages. However, the intraday trading is looking bearish; as the red-line of the 9-day MA remains below the green-line of the 21-day MA, the coin may continue to follow the downtrend. Meanwhile, the next key support level is located at $46,500 and below.
On the contrary, if the buyers reinforce and power the market, traders may expect a retest at the $48,000 resistance level, and breaking this level may further push the price towards the resistance level of $48,500 and above. Meanwhile, the Relative Strength Index (14) moves below 50-level to confirm the bearish movement.
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
75% of retail investor accounts lose money when trading CFDs with this provider
Bitcoin Value Prediction – August 31
The Bitcoin worth is again above $47,200 because the restoration retains coming slowly in the direction of the 21-day shifting common.
BTC/USD Lengthy-term Pattern: Ranging (Day by day Chart)
Resistance Ranges: $52,000, $54,000, $56,000
Help Ranges: $44,000, $42,000, $40,000
BTC/USD worth motion on the each day chart is struggling beneath the $48,000. If the worth strikes above this stage, then the expectation of fast restoration may become true. In the mean time, BTC/USD is seen buying and selling at $47,470 after hovering to $47,987 through the European buying and selling hours. Nonetheless, the Bitcoin worth is seen pulling again to the place it’s presently buying and selling and will head downwards if the bears step again into the market.
Bitcoin Value Prediction: Bitcoin (BTC) Stays At Threat of a Bigger Decline
Based on the each day chart, it can be crucial for the Bitcoin worth to carry the 21-day shifting common inside the channel and make sure it in any other case there can come a bearish breakdown when BTCUSD falls beneath that barrier. Nonetheless, the technical indicator Relative Energy Index (14) is sending reasonable indicators because the sign line retains shifting above 50-level which is extra doubtless a bullish development on the time of the end result.
Nonetheless, BTC/USD could verify the bullish development if the market worth strikes above the 9-day and 21-day shifting averages whereas it can proceed the bearish development if the worth stays beneath the shifting averages. In the meantime, a robust bullish spike above the channel could doubtless take the worth to the resistance ranges of $52,000, $54,000, and $56,000.
Nonetheless, if the market decides to comply with the downward development, the Bitcoin worth may hit the closest help at $45,000, and will this help fails to comprise sell-off; the market could expertise one other drop to the important helps of $44,000, $42,000, and $40,000.
BTC/USD Medium-Time period Pattern: Bearish (4H Chart)
Based on the 4-hour chart, BTC/USD is buying and selling beneath the 9-day and 21-day shifting averages. Nonetheless, the intraday buying and selling is wanting bearish; because the red-line of the 9-day MA stays beneath the green-line of the 21-day MA, the coin could proceed to comply with the downtrend. In the meantime, the subsequent key help stage is positioned at $46,500 and beneath.
Quite the opposite, if the consumers reinforce and energy the market, merchants could count on a retest on the $48,000 resistance stage, and breaking this stage could additional push the worth in the direction of the resistance stage of $48,500 and above. In the meantime, the Relative Energy Index (14) strikes beneath 50-level to substantiate the bearish motion.
Seeking to purchase or commerce Bitcoin (BTC) now? Make investments at eToro!
75% of retail investor accounts lose cash when buying and selling CFDs with this supplier