Bitcoin Price Prediction – August 17
The Bitcoin price prediction reveals that BTC could stable above $46,000 as traders are waiting for the next big move.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $52,000, $54,000, $56,000
Support Levels: $42,000, $40,000, $38,000
BTC/USD has been ranging between $46,000 and $48,000 at the time of writing and if the coin struggles to show any meaningful price movement, traders may see it climbing into the upside. In addition, over the medium to long term, many traders expect the Bitcoin price to recover and perceive the ongoing consolidation phase as a healthy pullback.
Bitcoin Price Prediction: BTC Price May Go Higher
So far, the Bitcoin price successfully stays above the $46,000 level and continues to trade above the 9-day moving average but still below the upper boundary of the channel. Recently, the coin even spiked to touch the daily high of $47,174 during the early trading session as the technical indicator Relative Strength Index (14) remains above the 60-level.
At the time of writing, it seems like BTC/USD might stay clear of the gap, with the cryptocurrency trading under its recent resistance level of $47,000. Meanwhile, from a technical perspective, the king-coin has to fight off the first resistance at $48,000 before having a chance to aim at $52,000, $54,000, and $56,000 resistance levels. On the contrary, any bearish movement below the 9-day and 21-day moving averages may likely lead to the critical supports at $42,000, $40,000, and $38,000.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
There are several signs showing that Bitcoin (BTC) is poised for a significant move to the downside. However, the price action of the past few hours formed a bearish movement on the 4-hour chart which appears to have broken out with a decent move towards $45,800. Similarly, the technical indicator Relative Strength Index (14) is notably squeezing, indicating that the bearish movement may come into play.
Meanwhile, the 9-day MA is already below the 21-day MA and additional supports levels could be achieved. However, a move above the $46,000 level with a strong close above it may likely push the Bitcoin price up to the resistance level of $48,000 and above while the support levels are located at $45,000 and below.
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Author: Azeez Mustapha