Bitcoin (BTC) price faces rejection at the $45,250 high. Today, August 9, the BTC price is on a pullback to the downside.
On August 6, the bulls broke through resistance at $42,299, but the upside got stuck below the high of $45,000. Now, if the price declines and falls below the $42,000 support, the altcoin is likely to fall into the $31,000-$40,000 range.
Conversely, if the price declines and finds support above $42,000, Bitcoin will break through the initial resistance at $45,000 and reach the high of $47,000. Subsequently, Bitcoin will rise to the psychological price level of $50,000 if the current momentum continues. In the meantime, Bitcoin is hovering above $43,000 as the bulls defend the current support.
The cryptocurrency has fallen to level 67 on the Relative Strength Index for period 14. It indicates that Bitcoin is still in the up zone and above the 50 mid-line. Bitcoin is below the 50% range of the daily stochastic. This indicates that the cryptocurrency is in a bearish momentum and is capable of falling downwards.
Major Resistance Levels - $65,000 and $70,000
Major Support Levels - $40,000 and $35,000
In a shorter time frame, Bitcoin is likely to move higher. The recent retracement forced the cryptocurrency to find support above the 21-day line SMA. Meanwhile, the uptrend from August 8, a retreating candle, tested the 78.6% Fibonacci retracement level. The retracement suggests that Bitcoin will rise but reverse at the 1,272 Fibonacci extension level or the $47,401.50 level. Bitcoin will retrace to the 78.6% Fibonacci retracement level where it originated.
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.