Bitcoin Price Prediction: BTC/USD Could Explodes Above $47,000

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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Source: https://insidebitcoins.com/news/bitcoin-price-prediction-btc-usd-could-explodes-above-47000