Bitcoin (BTC) Price Analysis – Are the Bulls Losing Steam?

2:04 pm, Thu, 26 August 21

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin (BTC) is currently trading just around $47,000 and is facing some resistance in this area. As discussed in our previous price analysis Bitcoin will likely have a healthy correction in the next few days and we expect to drop to the $44,000 level.

On the other hand if Bitcoin does break above $47,500 convincingly in the next few hours we could expect a temporary move towards the upside.

Bitcoin (BTC) Price Analysis 2021-08-26

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Analyzing the Shorter timeframes

If we take a look at the Bitcoin charts, we can observe that we are currently breaking out of the falling wedge we were forming on the 1-hour timeframe.

Bitcoin (BTC) Price Analysis 2021-08-26

It is highly likely that we would not see a big breakout here. We are trading below the ascending channel we were respecting on the 4-hour timeframe which is bearish for BTC. The price will likely face resistance around $48,000, and we will be heading downwards once again.

Bitcoin Price Analysis 2021-08-26

On the other hand, we are retesting the channel on the 4-hour timeframe that we broke below this morning.

If BTC fails to get back into the channel in the next few hours, a drop towards the $44,000 region is highly likely.

This drop would be considered a healthy correction and would provide us a nice opportunity to buy Bitcoin at an even better price.

Conclusion: Is Bitcoin (BTC) Bearish?

Bitcoin is still looking extremely bullish in the long term but for the short term, we could experience a little set back. The price has been on the rise for the past few weeks and we have barely seen any drops lately.

We are expecting BTC to drop to $44,000 and would be interested in opening a long position if we find a strong stop in that region.

BTC Price Analysis 2021-08-26

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