Bitcoin price forecast – August 3
Today, the price of Bitcoin loses its appeal after hitting $ 39,785; losses are likely to continue in the near future.
BTC / USD Long term trend: downward (daily chart)
Resistance levels: $ 44,000, $ 46,000, $ 48,000
Support levels: $ 34,000, $ 32,000, $ 30,000
From the last few days, traders can easily see it BTC / USD is likely to return to the red zone and generate small 1.08% losses on the day after the start of trading at $ 39,149. However, the market movement has an intraday maximum of $ 39,785. although the world’s largest encryption touches the $ 37,980 support level before returning to where it currently trades for $ 38,727.
Bitcoin price forecast: The price of Bitcoin may fall more
The price of bitcoin fell below $ 38,000 again, bringing the current daily low to $ 37,980. Does this mean that Bitcoin (BTC) is finally leaving a significant $ 42,000 level and looking for a new low? Looking at the declining daily volume candle in conjunction with recent stable but stable Bitcoin pricing, it can be assumed that a stronger movement may soon enter the market.
As of this writing, the BTC / USD is struggling to maintain the $ 38,500 level and if the coin follows a downward trend when the RSI (14) exceeds the 60 level, the next subsidies could be $ 34,000, $ 32,000 and $ 30,000. Conversely, if the coin moves above the nine-day moving average, continuous movement can rise above the upper limit of the rising channel and send the price to resistance levels of $ 44,000, $ 46,000, and $ 48,000, well above the channel.
BTC / USD medium term trend: volatile (4H chart)
On the four-hour chart, the BTC price is below the channel’s lower limit of about $ 38,100, which may take time for trading to continue at more than $ 39,000. However, if the bulls accumulate enough strength and exceed the 9-day and 21-day moving averages, the upward movement could be close to the resistance levels of $ 41,000 and $ 43,000.
On the downside, however, immediate support is around $ 37,000, while head support is at $ 36,000. The price could fall below $ 35,500 if the bears re-enter the market, the additional movement could reach critical support at the $ 35,000 level. From a technical point of view, the price of Bitcoin is still moving sideways, while the relative strength index (14) is moving around 35, indicating an unresolved market movement.
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