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  • Bitcoin Price Analysis: Cows pulled BTC out of the downtrend

Bitcoin Price Analysis: Cows pulled BTC out of the downtrend

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  Bitcoin

TL; Fault DR

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

Bitcoin price analysis shows that the king of cryptocurrencies is on a downward trend that started less than 24 hours ago. As expected, the price of Bitcoin crossed the $ 49,200 mark yesterday, falling sharply on August 26, from $ 49,327 to $ 47,021. Bitcoin price analysis shows that the price fell to $ 46,372 before rising to the current price level of $ 46,622.

1-day BTC / USD pair analysis: Bitcoin loses strong support level one after another

Figure 1 of Candle Day shows that the king of cryptocurrencies in August was largely bullish, but the current downtrend has continued over the past two days. At the time of writing, King is priced at $ 46,752. However, the price is lower than the nine-day moving average, the Bollinger Band average and, of course, the Bollinger Band. However, the volatility is lower than last week.

Bitcoin Price Analysis: Cows pull BTC out of the downtrend 1
1-day geranium chart BTC / USD. Source: Trading View

The high value of the Bollinger Band is $ 50 and $ 292, which is close to yesterday’s price as the strongest resistance, while the lower range of the Bollinger Band is close to yesterday’s value at $ 43,439 and acts as strong support. The nine-day moving average (SMA 9) is in the $ 48,246 range and serves as another strong resistance point at the time of writing. The relative strength index, on the other hand, is almost in the middle with a score of 55.41, which is neither over-bought nor over-sold. The RSI score is one of the positive signs found in today’s Bitcoin price analysis.

Bitcoin Price Analysis: The 4-hour chart shows the favorable conditions for uptrend

The four-hour Bitcoin price analysis chart shows that the king of cryptocurrencies is currently in the most favorable position at the time of writing. At the time of writing, the $ 300 price has jumped from $ 46,675 to the current price level of $ 46,958. However, fluctuations in the 4-hour candlestick charts appear to be increasing.

Bitcoin Price Analysis: Cows pull BTC out of the downtrend
4-hour BTC / USD candle chart. Source: Commercial View

The upper bouts featured two cutaways, for easier access to the higher frets. The nearest digital currency resistance is currently at $ 47,436, while the average Bollinger Bands are at $ 48,097. The RSI is found at 40.88, which is below the 50 neutral point and is trending towards the sell area. This provides enough space for traders to buy digital currency to turn the price movement upwards.

Conclusion Bitcoin Price Analysis: Bitcoin is likely to retry $ 48,000

Bitcoin price analysis shows that the king of cryptocurrencies is rising again, and the possibility of a retrial of the $ 48,000 mark is not far off. At the time of writing, the price has now risen to the $ 47,500 range, while strong support is now in the $ 47,000 range. The king is now on an uptrend, and price levels are likely to stagnate for some time before retesting for the $ 48,000 psychological barrier.