Bitcoin Price Prediction – August 8
Yesterday, the Bitcoin price prediction had shown BTC surging to $44,750 as the coin continues to show signs of a fresh rally.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $50,000, $52,000, $54,000
Support Levels: $40,000, $38,000, $36,000
BTC/USD is ready for the upward movement and it seems that there is nothing that could it back from reaching the higher level. After a tumultuous day of trading, the coin has just painted a new high for this month touching the $45,363 resistance level but the king coin is currently trading at $44,980. The Bitcoin price spiked above $45,000 for the price to cross above the upper boundary of the channel and also remains above the 9-day and 21-day moving averages.
Bitcoin Price Prediction: Would BTC Price Trade Above $45,000?
As reveals by the daily chart, the Bitcoin price is trading comfortably and ready to cross above the upper boundary of the channel as the price establishes a new bullish signal. Meanwhile, as matter of fact, one could say that the current market movement now favors the buyers, giving the four consecutive daily large bullish engulfing candles with eyes now set on the daily resistances at $50,000, $52,000, and $54,000 respectively.
On the other hand, any rejection at the current level to cross below the 9-day moving average could eventually lead the coin to the nearest support level of $42,000. However, in case BTC price drops and touches the low of $41,000 support, the coin can rely on the long-term support levels at $40,000, $38,000, and $36,000. Moreover, the technical indicator Relative Strength Index (14) now moves into the overbought region, suggesting more bullish signals.
BTC/USD Medium-term Trend: Bullish (4H Chart)
According to the 4-hour chart, after retreating from the daily high of $44,533, the Bitcoin price is seen retracing back above $45,000. However, today’s price move happens to be one of the most impressive ones as it crosses above the long-awaited resistance level of $45,000 with a sharp upsurge. Moreover, the current market movement simply guarantees that BTC/USD is maintaining its bull-run above $45,000 as the Relative Strength Index (14) moves back above 60-level.
However, the Bitcoin price may take a downward move if the bears keep the price below the daily high. Therefore, the coin may breach below the 9-day and 21-day moving averages and could reach the critical support at $41,500 and below. More so, should in case the bulls find a decent resistance level above $45,000, the coin may continue bullish movement above the channel and likely touch the resistance level of $47,500 and above.
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