Bitcoin (BTCUSD) Price Forecast: August 30
The Bitcoin price projects a bullish upswing as the ongoing correction in the crypto market is leading the coin to the overhead resistance trend line. The selling pressure seems exhausted and, hence, the crypto is likely to grow more and may break up the previous high of $31862.21 supply value soon. In case the bulls increase their buying motives, the bullish upswing may hit the $ 35,000.00 high level and beyond.
Key Levels:
Resistance Levels: $22000.00, $23000.00, $24000.00
Support Levels: $20000.00, $19000.00, $18000.00
BTC (USD) Long-term Trend: Bearish (Daily Chart)
BTCUSD indicates a downward trend with a bearish sentiment in its long-term perspective. The coin is trading below the two EMAs. However, the current trend will soon be nullified as the market has now resumed its bullish upswing to the overhead resistance.
The sustained pressure from the bears at the $25971.44 support level in the past few days has contributed to its bearishness in its recent low.
However, commitment from buyers pushed the coin price to the current price level at the $26232.88 supply level as the daily chart opens today. This will give room for the buy investors to influence the price tendency.
Thus, a daily candle closing above the $31862.21 barrier will release the trapped bullish momentum and signal buy for the interested traders.
Additionally, the Bitcoin market projects a bullish upswing by pointing up on the daily signal, as a result, the ongoing correction may reach the $35000.00 high value soon in its long-term outlook.
BTC (USD) Medium-term Trend: Bullish (4H Chart)
The currency pair’s orientation trades in a bullish market in its medium-term outlook. The price bar is seen above the moving averages resuming its bullish upswing.
The BTCUSD pair has undergone a notable correction phase to a $26232.88 high mark above the EMA-9 as the 4-hour chart opens today, indicating the price sustainability above resistance.
If buyers excel to surpass the $29968.00 barrier and close a candle, the current correction phase will be prolonged for new trading days.
Further, the price of Bitcoin projects a bullish upswing as the market now points up on the daily stochastic, so the buy traders are already set to dominate the market activities.
We can expect the buy traders to hit the $35000.00 resistance trend line as the journey up north continues in its medium-term outlook.
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