The previous market direction was based on a downward trend in bitcoin, and this also was the case during the past week. It seems that a profit taking phase has started, but it’s not significant yet. On the other hand, we are still in a bullish trend, and the next market direction is still upward.

Bitcoin has been relatively stable over the last week, and this week’s close below the $45,000 mark should result in some profit taking. However, the relatively stable prices mean that the bearish momentum is still in place and the price is still in the clear to make the next major move.

As a result of the current market conditions, Bitcoin (BTC) is currently trading at $44,200+ ($46,000 according to the current market value) on the market. BTC is a symbol of rebellion against the current financial system and the current banking cartel. It is a symbol of changing the world and empowering people with their own money.. Read more about bitcoin price analysis and let us know what you think.

TL;DR Summary

  • The price of bitcoin is showing signs of a strong upward trend.
  • If support holds, BTC/USD is expected to break over $456000.
  • The $45676 level is presently a strong support level.

Bitcoin, the king of cryptocurrency, has been showing modest but steady positive momentum over the last 24 hours. BTC/USD is trading between $45950 and $46000 at the time of writing. The price will very certainly settle much over $46000.

BTC bulls are all set on the 4-hours candlestick chart, according to Bitcoin price research.

Bitcoin price has retested the $46000 price mark many times in the last 24 hours, but the support established in the $45600 area wasn’t enough to keep the king steady above the $46000 level. The Bollinger band, on the other hand, indicates that the volatility of the king of cryptocurrencies has reduced from a larger margin to a smaller margin in the last 24 hours. The Bollinger Band’s lower limit is $42837, while the upper limit is $46748, indicating the cryptocurrency’s volatility limitations.

Bitcoin price analysis: BTC set to retest $46000 mark4-hour candlestick price chart for BTC/USD. Trading View is the source of this information.

The $45,676 mark is a strong moving average support level, while the $44792 mark is a strong Bollinger’s band support level. The relative strength index (RSI) on the other hand, with a score of 64.41, has managed to remain in the greens during the last 24 hours.

Bitcoin price analysis: The 1-day chart shows the retesting of significant resistance.

The Bitcoin price analysis on the 1-day candlestick chart differs from the 4-hours candlestick chart described before. The bullish momentum began to develop on August 4th and has remained in charge of the overall market action since then, with minor negative pullbacks occurring twice in the last seven days. At the time of writing, the 1-day candlestick chart for the king of cryptocurrency shows a higher volatility phase, with the lower Bollinger’s band at $32250 and the upper limit at $47516, indicating a considerably bigger volatility curve.

Similarly, the Bollinger Band support level is located at $39883, while the moving average support is found at $42394. The RSI score, which is in the reds with a score of 71.11, is another significant divergence.

Technical indications for the Bitcoin price

Since the cryptocurrency is exhibiting strong buy on the moving averages and buy on the over all technical indicators, market sentiment for Bitcoin is generally extremely positive. Based on the 13 moving average purchase indications and three oscillator indicators, as many as 16 of the 26 total indicators are indicating a buy sign.

Bitcoin price analysis: BTC set to retest $46000 mark

With one moving average indicator, as many as four oscillators are neutral, while four oscillators are giving a selling signal with one moving average backing the sell signal.

Conclusion

Our Bitcoin price research indicates that the king is clinging to the bullish momentum, and despite all negative indicators attempting to stifle it, the king managed to burst over the $45600 barrier mark yesterday. Similarly, if present support levels hold, the king of cryptocurrency is expected to break through and stabilize above the $46000 resistance level. If the present support fails, the king is expected to retrace to support levels around $45500 before retesting the $46000 barrier.

Disclaimer. The information given is not intended to be used as trading advice. .com is not responsible for any investments made as a result of the information on this website. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.

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