Bitcoin (BTC) Price Analysis – August 14

  • If we have more buyers in the oversold region of the market, the bulls will overcome the bears.
  • The price of Bitcoin has been overwhelmed by the selling pressure at $6,501.84 and $6,407.44.

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

BTCUSD Medium-term Trend: Bearish

Resistance levels: $6,100, $6,200, $6,300

Support levels: $5,900, $5,800, $5,700

Yesterday, August 13th, the BTC price was in a bearish trend. The price of Bitcoin has been overwhelmed by the selling pressure of the bears. In the previous days candle, bulls took price to the high of $6,501.84 and were resisted by the bears who brought price to the low of $6,182.79. Again, the bulls took price to the high of $6,407.44 and price fell below $6,000. 

If the bears break the critical support level, the price of Bitcoin will become weaker and could fall to the lows of $5,500 and $5,000. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal for the BTC price.  

Also, the price of Bitcoin is below the 12-day EMA and the 26-day EMA  which indicates that the bearish trend is ongoing.  

BTCUSD Short-term Trend: Bearish   

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

On the 4-hour chart, the Bitcoin price is in a bearish trend. The BTC price broke the critical support level at $6,000 but the bulls pulled back above it. Meanwhile, the Relative Strength Index period 14 is level 35 which indicates that the market is oversold suggesting bulls to take control of the market.

                                                                                                                                                                                                                                                                    

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