Bitcoin Price Prediction – August 30
The Bitcoin price prediction drop today as the cryptocurrency breaks beneath the daily high of $48,906 and heads toward the south.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $53,000, $55,000, $57,000
Support Levels: $44,000, $42,000, $40,000
BTC/USD is seen dropping with another loss of 0.7% today as the cryptocurrency falls beneath the $48,906 level to reach the daily low at $47,400. However, the daily chart reveals that $49,000 is a very important level as it provided strong resistance for the market during yesterday’s trading; therefore, it is expected to provide strong support moving forward.
Bitcoin Price Prediction: Bitcoin Price May Move Sideways
The Bitcoin price is currently trading around the 9-day moving average and the king coin is likely to move sideways for it to decide the next direction it could follow; however, a break below the 21-day moving average could cause the Bitcoin price to unwind toward the $45,000 level. However, BTC/USD is currently in a critical position with the next few days dictating the direction that it will head over. Meanwhile, a drop beneath $45,000 could be detrimental to Bitcoin as it could lead the first digital asset towards the support levels of $44,000, $42,000, and $40,000.
Nevertheless, if the buyers can rebound from the current price level of $48,461.87, the first level of resistance could be located at $49,000. Above this, further resistance is expected at $51,000 as this may likely follow by the potential resistance levels at $53,000, $55,000, and $57,000. Presently, the Relative Strength Index (14) is likely to cross below 60-level, indicating more bearish signals.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
As reveals by the 4-hour chart, the Bitcoin price is seen hovering at $48,595 as the coin trades above the 9-day and 21-day moving averages with sellers making an attempt to force its price down below the moving averages. However, if the bulls decide to push the market price back above the upper boundary of the channel, the coin may likely hit the resistance level at $50,000 and above.
In other words, it now appears that the cryptocurrency is at risk of seeing further downside in the near term, as the multiple attempts to shatter its $47,400 support seem to indicate that bears are building momentum. As the Relative Strength Index (14) remains around 50-level, the coin may locate the critical support at $47,000 and below.
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Author: Azeez Mustapha