Bitcoin (BTC) Price Analysis August 24: Rejected Above $50,000, Will the Downfall Continue?

According to the August 24 Bitcoin analysis; price failed to stay above $50,000 and corrected lower against the US Dollar. BTC could correct a correction towards the $48,250 support in the near term. According to technical analysis by NewsBTC’s Aayush Jindal:

  • Bitcoin tested the $50,500 resistance level before correcting.
  • There was a break below a key bullish trend line with support near $49,500 on the hourly chart of the BTC/USD pair (data from Kraken).
  • The pair could decline towards $48,250 or even $47,300 in the near term.

Bitcoin (BTC) Corrects

Bitcoin price traded above the $50,000 resistance, but there was no upside continuation. BTC tested the $50,500 resistance level and recently started a downside correction.

There was a break below the $50,000 and $49,800 levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $48,098 high to $50,506 high. There was a break below a key bullish trend line with support near $49,500 on the hourly chart of the BTC/USD pair.

If there is a downside break below the 100 hourly simple moving average, the price could continue to decline. Instant support is near $48,500. The next major support is near the $48,250 level. Any more losses could open the doors for a move towards the $47,300 support area in the near term.

Will Bitcoin (BTC) Rise?

If bitcoin stays above the $48,250 support zone, a fresh increase could begin. The first key resistance is near the $50,000 level, above which the bulls may aim for a retest of $50,500. 

Any further gains could set the pace for a larger rise above $51,000. The next big stop for the bulls is likely near the $52,000 level in the coming days.

Technical Indicators

  • Hourly MACD – The MACD is gaining momentum in the bearish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
  • Major Support Levels – $48,250 followed by $47,300
  • Major Resistance Levels – $49,500, $50,000, and $50,500

Note: You have arrived at the end of the 24 th of August Bitcoin price analysis. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin.

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