Bitcoin Price Prediction – August 4
The Bitcoin price is currently trading towards the 9-day moving average after the first digital asset recovers from $37,509.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $43,000, $45,000, $47,000
Support Levels: $35,000, $33,000, $31,000
BTC/USD is currently holding above the $39,000 level as the coin prepares for another push higher. Looking at the daily chart, the Bitcoin price is now making an attempt to maintain the bullish movement towards the 9-day moving average but may struggle to gain momentum as the entire market’s uptrend stalls.
Bitcoin Price Prediction: Bitcoin Price May Revisit the Upside
The Bitcoin price is currently trading at $39,375 with a gain of 3.1% on the day. The trading is likely to cross above the 9-day moving averages as the technical indicator Relative Strength Index (14) prepares to move above the 60-level. It is important that the bulls reclaim this barrier as this would allow them to focus on higher levels towards $40,000. On the other side, any declines below the 21-day moving average could easily open the way to the south.
Meanwhile, the breakdown towards $36,000 is not out of the picture because the losses in the last few days show that BTC/USD may not be technically ready for the breakout above $42,000. Looking at the daily chart, Bitcoin (BTC) is likely to regain ground by moving the market price to the next level. Moreover, any bullish movement across the upper boundary of the channel may push the price to the resistance level of $43,000, $45,000, and $47,000 while the supports are located at $35,000, $33,000, and $31,000 respectively.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the Bitcoin price crosses above the 9-day and 21-day moving averages as the coin move towards the upper boundary of the channel. Therefore, if the price continues to rise further and move above the channel, it could reach the nearest resistance levels at $42,000, $40,000, and $38,000 respectively.
Moreover, if the bears push the coin below the 9-day and 21-day moving averages; it may likely hit the closest supports at $37,000, $35,000, and $33,000. Presently, the technical indicator Relative Strength Index (14) is seen moving above 50-level to confirm the bullish trend for the market.
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