Bitcoin (BTC) Daily Price Forecast – August 16

BTC/USD Medium-term Trend: Bullish

Resistance levels: $6,400, $6,500, $6,600
Support levels: $6,300, $6,200, $6,100

Yesterday, August 15th, the price of Bitcoin was in a bullish trend. The support level at $6,000 was defended by the bulls. This accounts for the presence of the bullish trend. The BTC price becomes stronger and was approaching the previous highs of $6,500 and $7,000. Later, the BTC price was resisted at the price of $6,589.74.

The price of Bitcoin now fluctuates between the $6,000 and $6,500 price levels. Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that a bullish trend is ongoing. The Relative Strength Index period 14 is level 52 which indicates that price is in the sideways trend zone.

BTC/USD Short-term Trend: Bullish

On the 1-hour chart, the BTC price is in a bullish trend. The BTC price is rising after being resisted at the $6,500 price level. Nevertheless, the price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicate that a bullish trend is ongoing.

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