Bitcoin (BTC) Price Analysis – August 23

  • The BTC price now fluctuates between the levels of $6,600 and $6,000.
  • If the bears break the support at the $6,000 price level they will revisit the previous low of $5,900.

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

BTCUSD Medium-term Trend: Ranging

Resistance levels: $6,500, $6,600, $6,700

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

Yesterday, the BTC price was in a sideways trend when it had a bullish movement that broke the $6,600 price level. The breakout led the price to reach the high of $ 6,880.72. However, the bulls could not hold on to the higher level of price and the bears pulled back below the support of  $6,711.  Today, the BTC price is now fluctuating between the levels of $6,600 and $6,000.

The price of Bitcoin will fluctuate in the range bound levels and the bears will likely test the support level at $6,000. If the bears break the support level they will revisit its previous low at  $5,900. From the chart, the MACD shows signs of bearish signals. The MACD line and the signal line are below the zero line which indicates a sell signal.

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

BTCUSD  Short-term Trend: Ranging    

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

On the 4-hour chart, the BTC price is range bound. The price of Bitcoin is now ranging between the range-bound levels of $6,600 and $6,000. The BTC price is ranging below the exponential moving averages. Meanwhile, the  Relative Strength Index period 14 is level 49 which indicates that price is in the range bound zone.

                                                                        

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