Bitcoin Price Prediction – August 19
The Bitcoin price is currently trading at $46,576 after slipping below $43,955 at the opening of today’s trading.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $50,000, $52,000, $53,000
Support Levels: $42,000, $40,000, $38,000
BTC/USD and the entire cryptocurrency market are pushing higher today, which may be coming about to do strength in the cryptocurrency market. This latest move marks an upwards break of the consolidation phase seen as of late, but it is important to note that it has not led BTC past any key technical levels. Bitcoin has been consolidating over the past few days, struggling to gain any momentum as the entire market’s uptrend stalls.
Bitcoin Price Prediction: Bitcoin Price May Create A New High
At the time of writing, the Bitcoin price is trading up marginally at its current price of $46,576. Although this only marks a slight climb from where it has been trading throughout the past several days but it is important to note that this seems to mark a bull-favoring break above the 9-day and 21-day moving averages of the tight trading range seen over the past few days. However, this range existed between $43,000 and $47,000, coming about as a result of the cryptocurrency’s severe lack of directionality.
Meanwhile, as the technical indicator Relative Strength Index (14) faces the north, a sustainable move above the upper boundary of the channel could locate the potential resistance of $50,000, reaching this may also allow for an extended recovery towards $52,000 and $54,000 respectively. Nevertheless, an increase in selling pressure across the market may force the Bitcoin price to cross below the 9-day and 21-day moving averages and move towards the tentative supports at $42,000, $40,000, and $38,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
According to the 4-hour chart, BTC/USD should recover above $47,000 as crossing above the upper boundary of the channel could mitigate the short-term bearish pressure and allow for an extended recovery towards $48,000. A higher resistance may be found at the resistance level of $48,500 and above.
In other words, the nearest support is at $46,000, and a sustainable move below the the9-day and 21-day moving averages may increase the downside pressure and push the price towards the support level of $45,000 and below. Considering that the Relative Strength Index (14) is starting to revert to the upside, we might expect that the bull’s case scenario may play out.
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Bitcoin Value Prediction – August 19
The Bitcoin worth is at the moment buying and selling at $46,576 after slipping beneath $43,955 on the opening of at present’s buying and selling.
BTC/USD Lengthy-term Pattern: Bullish (Each day Chart)
Key ranges:
Resistance Ranges: $50,000, $52,000, $53,000
Assist Ranges: $42,000, $40,000, $38,000
BTC/USD and all the cryptocurrency market are pushing increased at present, which can be coming about to do power within the cryptocurrency market. This newest transfer marks an upwards break of the consolidation section seen as of late, however you will need to notice that it has not led BTC previous any key technical ranges. Bitcoin has been consolidating over the previous few days, struggling to achieve any momentum as all the market’s uptrend stalls.
Bitcoin Value Prediction: Bitcoin Value Could Create A New Excessive
On the time of writing, the Bitcoin worth is buying and selling up marginally at its present worth of $46,576. Though this solely marks a slight climb from the place it has been buying and selling all through the previous a number of days however you will need to notice that this appears to mark a bull-favoring break above the 9-day and 21-day transferring averages of the tight buying and selling vary seen over the previous few days. Nevertheless, this vary existed between $43,000 and $47,000, coming about because of the cryptocurrency’s extreme lack of directionality.
In the meantime, because the technical indicator Relative Power Index (14) faces the north, a sustainable transfer above the higher boundary of the channel may find the potential resistance of $50,000, reaching this may increasingly additionally permit for an prolonged restoration in direction of $52,000 and $54,000 respectively. Nonetheless, a rise in promoting stress throughout the market could power the Bitcoin worth to cross beneath the 9-day and 21-day transferring averages and transfer in direction of the tentative helps at $42,000, $40,000, and $38,000.
BTC/USD Medium-Time period Pattern: Ranging (4H Chart)
In accordance with the 4-hour chart, BTC/USD ought to get well above $47,000 as crossing above the higher boundary of the channel may mitigate the short-term bearish stress and permit for an prolonged restoration in direction of $48,000. The next resistance could also be discovered on the resistance stage of $48,500 and above.
In different phrases, the closest help is at $46,000, and a sustainable transfer beneath the the9-day and 21-day transferring averages could enhance the draw back stress and push the worth in direction of the help stage of $45,000 and beneath. Contemplating that the Relative Power Index (14) is beginning to revert to the upside, we’d count on that the bull’s case state of affairs could play out.
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