Bitcoin price analysis: bulls breaking BTC out of bearish trend

TL;DR Breakdown Bitcoin price analysis reveals that a bearish trend is engulfing the king.Strong support is currently found at the $46,300 mark.Strong resistance is currently found at the $47,800 mark. Bitcoin price analysis reveals that the king of cryptocurrency has been engulfed in a bearish momentum that started less than 24 hours ago. As predicted, Bitcoin price managed to break past the $49,200 mark yesterday only to land into sharp drops on the 26th of August, taking the price from $49,327 to $47,021. Bitcoin price analysis reveals that the price went further down to the $46,372 mark before rising up to the current price level of $46,622. BTC/USD pair 1 day analysis: Bitcoin losing strong support levels one after another The 1day candlestick chart reveals that the king of cryptocurrency has largely been bullish during August, but the current bearish streak is persistent for the past two days. At the time of writing, the king stands at the $46,752 price mark; however, the price is lower than the nine-day moving average, the Bollinger band average, and of course, the upper Bollinger band. However, the volatility is decreasing compared to the past week. BTC/USD 1-day candlestick chart. Source: Trading View The upper Bollinger band value stands at the $50,292 mark, which is close to yesterday’s price serving as the strongest resistance, while the lower Bollinger band also stands closer to yesterday’s value at ...