Bitcoin Price Prediction for Today, August 9: BTC Fails to Take $24,000 Resistance
The Bitcoin price prediction indicates bearish momentum as the coin fails to cross above the upper boundary of the channel.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $30,000, $32,000, $34,000
Support Levels: $18,000, $16,000, $14,000
According to the daily chart, BTC/USD hovers at $23,047. However, the king coin has not been able to reclaim the resistance level of $24,000 as the coin consolidates towards the 9-day and 21-day moving averages. At the moment, the Bitcoin price may continue to follow the sideways movement, but the daily chart shows that the formation of a bearish movement is likely to play out.
Bitcoin Price Prediction: BTC Price May Consolidates to the Downside
As the Bitcoin price moves to cross below the 9-day and 21-day moving averages, BTC/USD is likely to head to the downside as the technical indicator Relative Strength Index (14) moves to cross below the 50-level. This could mean that the King coin is not yet ready for the upside until the red line of the 9-day moving average remains above the green line of the 21-day moving average.
Meanwhile, a sustainable move above the upper boundary of the channel may locate the resistance level of $25,000, which may allow for an extended recovery towards the potential resistance levels at $30,000, $32,000, and $34,000. However, an increase in selling pressure may bring the Bitcoin price towards the supports at $18,000, $16,000, and $14,000.
BTC/USD Medium-term Trend: Bullish (4H Chart)
Looking at the 4-hour chart, the Bitcoin price is trading below the 9-day and 21-day moving averages. However, if the price breaks to the upside and heads towards the upper boundary of the channel, higher resistance would be located at $25,000 and above but on the contrary, the technical indicator Relative Strength Index (14) is seen above the 40-level.
Moreover, if the bearish movement steps into the market, the support level of $22,000 may not be able to hold the selling pressure. Therefore, BTC/USD is likely to fall to $21,500 and below if the price moves toward the lower boundary of the channel.
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