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Bitcoin price analysis: bulls breaking BTC out of bearish trend

Bitcoin price analysis bulls breaking BTC out of bearish trend

TL;DR Breakdown

  • Bitcoin price analysis reveals that a bearish trend is engulfing the king.
  • Strong support is currently found at the $46,300 mark.
  • Strong resistance is currently found at the $47,800 mark.

Bitcoin price analysis reveals that the king of cryptocurrency has been engulfed in a bearish momentum that started less than 24 hours ago. As predicted, Bitcoin price managed to break past the $49,200 mark yesterday only to land into sharp drops on the 26th of August, taking the price from $49,327 to $47,021. Bitcoin price analysis reveals that the price went further down to the $46,372 mark before rising up to the current price level of $46,622.

BTC/USD pair 1 day analysis: Bitcoin losing strong support levels one after another

The 1day candlestick chart reveals that the king of cryptocurrency has largely been bullish during August, but the current bearish streak is persistent for the past two days. At the time of writing, the king stands at the $46,752 price mark; however, the price is lower than the nine-day moving average, the Bollinger band average, and of course, the upper Bollinger band. However, the volatility is decreasing compared to the past week.

Bitcoin price analysis: bulls breaking BTC out of bearish trend 1
BTC/USD 1-day candlestick chart. Source: Trading View

The upper Bollinger band value stands at the $50,292 mark, which is close to yesterday’s price serving as the strongest resistance, while the lower Bollinger band also stands closer to yesterday’s value at the $43,439 mark serving as the strong support. The nine-day simple moving average (SMA 9) stands at the $48,246 mark, serving as another strong resistance point at the time of writing. The relative strength index, on the other hand, stands almost in the middle with a score of 55.41, which is neither overbought nor oversold. The RSI score is one of the positive signs found in today’s Bitcoin price analysis.

Bitcoin price analysis: 4-hour chart shows favorable conditions for bullish momentum

The four-hour candlestick Bitcoin price analysis chart reveals that the king of cryptocurrency is currently going through the most favorable conditions at the time of writing. While writing, the price has jumped by three hundred dollars from $46,675 to the current price level of $46,958. However, the volatility seems to be increasing on the 4-hour candlestick charts.

Bitcoin price analysis: bulls breaking BTC out of bearish trend 2
BTC/USD 4-hours candlestick chart. Source: Trading View

The upper Bollinger band is found at the $50,074 mark serving as the strongest resistance, while the lower Bollinger band is found at the $46,120 mark serving as the strongest support. The closest resistance the cryptocurrency is currently facing lies on the $47,436 mark, while the Bollinger band average is found at the $48,097 mark. The RSI score is found at the 40.88 mark, which is below the neutral 50 points leaning towards the oversold region. This provides ample room for traders to buy in on the cryptocurrency to change the price movement into a bullish trend.

Bitcoin price analysis conclusion: Bitcoin likely to retest $48,000

Bitcoin price analysis reveals that the king of cryptocurrency is going bullish once again and the likely hood of retesting the $48,000 mark is not far from happening. While writing, the price has now jumped up to the $47,500 range, while the strong support is now found at the $47,000 mark. The king is now going into bullish corrections, and the price levels are likely to stay stale for a while before retesting the $48,000 psychological barrier.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions. 

Andrew

Andrew

Andrew is a journalist and cryptocurrency enthusiast who writes for the love of blockchain and cryptocurrency. He possesses vast knowledge of cryptocurrency, blockchain and other fintech and tech-related areas he has been covering for a long time.

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