BTC/USD Ready to Break $47,000
Bitcoin Price Prediction – August 11
The Bitcoin price prediction shows that BTC sets eye on $47,000 as the king coin continues to enjoy a sharp uptrend over the past week.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $51,000, $53,000, $55,000
Support Levels: $42,000, $40,000, $38,000
BTC/USD bulls are focused on breaking the resistance at $47,000; a move that would pave the way for gains above $50,000 but it’s unclear at the moment how long the crypto can keep this trend up. Moreover, the coin is currently settling above $46,000 while the further recovery is limited by the local resistance of $45,000. However, the recent dip that occurred yesterday was actually helpful for Bitcoin as the technical indicator RSI (14) moves within the overbought zone as the coin gets ready for the next leg up.
Bitcoin Price Prediction: Would Bitcoin Maintain the Uptrend?
The Bitcoin price continues to make an attempt in breaking above the upper boundary of the channel. However, looking at the daily chart, the bulls have established a higher high and only need to climb above $47,000 to confirm a daily uptrend. At the time of writing, the latest trend is in the favor of the bulls and if the situation remains unchanged, the Bitcoin price may continue to move to the north.
Moreover, the resistance is anticipated at $48,000 and $50,000. If the coin breaks above these areas, there is a chance that a new path to $51,000, $53,000, and $55,000 resistance levels may be created. For now, all the attention should go towards overcoming the hurdle at $47,000 and defending support at $44,000. Meanwhile, going below $43,000 may likely seek supports at $42,000, $40,000, and $38,000 respectively.
BTC/USD Medium-Term Trend: Bullish (4H Chart)
On the 4-hour chart, there are several important technical barriers below and above the current price at the $46,603 level. This means that BTC/USD may spend enough time consolidating gains at the current levels as the technical indicator, the Relative Strength Index (14) moves sideways.
Meanwhile, in the long run, the trend stays bullish as long as the price is above $46,000. The potential resistance level is located at $49,000 and above while the nearest supports are under the 9-day and 21-day moving averages at $45,000 and below.
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
75% of retail investor accounts lose money when trading CFDs with this provider