Bitcoin price analysis: BTC set to retest $46000 mark

TL;DR Breakdown

• Bitcoin price analysis shows strong bullish momentum brewing.
• BTC/USD is likely to get past the $456000 mark if support persists.
• Strong support level is currently found at the $45676 mark.

The king of cryptocurrency Bitcoin has been displaying slow yet persistent bullish momentum in the past 24-hours. At the time of writing BTC/USD price is fluctuating between $45950 and $46000. The price movement is likely to settle down well above the $46000.

Bitcoin price analysis: BTC bulls all set on 4-hours candlestick chart

In the past 24-hour Bitcoin price has retested the $46000 price mark more than once but the support is found at the $45600 range wasn’t sufficient to keep the king stable above the $46000 mark. However, in the past 24-hours the Bollinger’s band shows that the volatility has decreased from a wider margin into a smaller margin for the king of cryptocurrency. At the lower limit the Bollinger’s band stand at $42837 and at the peak it stands at the $46748 marking the volatility limits for the cryptocurrency.

Strong moving average support is found at the $45,676 mark while the strong Bollinger’s band support level is found at the $44792 mark. On the other hand the relative strength index (RSI) has managed to stay in the greens during the past 24-hours with a score of 64.41.

Bitcoin price analysis: 1-day chart confirms retesting with strong resistance

On the 1-day candlestick chart, the Bitcoin price analysis shows some deviation from the 4-hours candlestick chart discussed above. The bullish momentum started building on the 4th of August and has been in control of the over all market movement since then, however, with small bearish pull backs twice in the past 7-days. At the time of writing the 1-day candlestick chart is showing a larger volatility period for the king of cryptocurrency where the lower Bollinger’s band stands at the $32250 mark, while the upper limit stands at the $47516 mark making it a much larger volatility curve.

Similarly, the moving average support is found at the $42394 mark while the Bollinger’s band support level is found at the $39883 mark. Another important deviation is the RSI score which is in the reds with a score of 71.11.

Bitcoin price technical indicators

The market sentiment for Bitcoin is largely very good since the cryptocurrency is showing strong buy on the moving averages and buy on the over all technical indicators. As many as 16 indicators out of the 26 total indicators are showing a buy sign based on the 13 moving average buy indicators, and three oscillator indicators.

As many as four oscillators are standing neutral with one moving average indicator, while four oscillators are showing a selling sign with one moving average supporting the sell indication.

Conclusion

Our Bitcoin price analysis shows that the king is holding strongly to the bullish momentum and despite all the bearish signs trying to pull back the momentum the king managed to break past the $45600 resistance level yesterday. Similarly, if the current support levels persist the king of cryptocurrency likely to break past the $46000 resistance level and stabilize above that mark. If the current support fails, the king is likely to retrace to $45500 support levels before restesting the $46000 mark again.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/bitcoin-price-analysis-2021-08-10/