BTC/USD Likely to Trade Above $50,000
Bitcoin Price Prediction – August 22
The Bitcoin price prediction reveals that BTC fails in overcoming $50,000 as the latest rejection drives the coin to a daily low of $48,102.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $54,000, $56,000, $58,000
Support Levels: $44,000, $42,000, $40,000
BTC/USD is correcting low after touching the daily high of $49,499 and it is likely to start another increase as long as there is no close below $45,500. This past week, the Bitcoin price saw a monthly high of $49,821 resistance level. Later on, the king coin broke below the $49,000 level but still settled above the 9-day and 21-day moving averages.
Bitcoin Price Prediction: BTC Price May Create Another High
The Bitcoin price is seen retracing and trading above the 9-day and 21-day moving averages and the market price stays under the daily high of $49,499 level as a sign of bullish momentum. However, in the new week, any further increase in the bullish momentum may have to grow the coin above the resistance level of $50,000; another resistance may come at $52,000 before reaching the potential resistance of $54,000, $56,000, and $58,000 levels.
Moreover, should the $48,000 level failed to hold the current bearish movement, the Bitcoin price may face the support level at $45,000, further increase in the bears’ pressure may push down the price towards the 21-day moving average and possibly hit the critical supports at $44,000, $42,000, and $40,000. Meanwhile, the technical indicator Relative Strength Index (14) signal line remains at the upside, crossing below 60-level may ignite sell signals into the market.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
According to the 4-hour chart, the fast-moving 9-day MA remains above the slow-moving 21-day MA; the market price is trading within the two moving averages as a sign of bearish momentum. However, in case the current market value of the $48,360 level failed to hold, the bears may exert pressure on the market to break down the important support level and the price may decline to $47,000 and below.
However, should the bulls push the market price above the upper boundary of the channel, the resistance level of $49,500 may be revisited and the price may increase to $50,000 and above. Meanwhile, the technical indicator Relative Strength Index (14) is moving below 60-level to indicate a downward movement.
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