- BTC has met short-term support after a sharp drop of 1.32%
- The technical indicators are at the lowest levels with a possible bounce back
Following the August 6 bearish sentiment from $12300 mark, Bitcoin’s price has witnessed a dramatic fall to $9500 before throwing a rebound at $10964 on August 20. Currently, the price of BTC has been brought to 10000 due to the last few hours of selling pressure.
As we can see now, the price is cutting over the past weeks, although the $9100 support has continued to sustain the bearish run since trading opens for the second half of the year.
However, the monthly reversal has brought Bitcoin’s price actions in a triangle pattern, and as we can see, trading has reached a tight angle as a big shock-wave lurks around the corner.
Bitcoin’s Current Statistics
Trading Price: $10106
Market Capitalization: $179,319,968,376
Trading Volume: $16,168,731,108
Key resistance levels: $10200, $10350, $10500, $9800
Key support levels: $9800, $9600, $9500, $9100
Bitcoin (BTC) Price Prediction for August 24, 2019
On the hourly chart, Bitcoin is constructing a decent triangle formation over the past three weeks, and now we can that the price is roaming for a breakout. The actual direction is uncertain. But from a technical standpoint, this pattern is commonly followed by a bearish breakout. Meanwhile, Bitcoin may decide to go bullish.
Recently, Bitcoin’s price cuts $450 to test the triangle’s lower boundary. We can expect a bounce higher to $10200 and $10350 resistances before breaking to $10500, $10800 and above.
For a bearish breakout; the next key level support to watch out for lies at 9800, $9600 and $9500 before we can see new monthly support around $9100, retesting July 17 low. However, Bitcoin still looks pretty bullish on the daily and weekly timeframe.
Conclusively
If Bitcoin continues to show weakness on a short-term, the price may remain under the control of bear radar with a possible down surge as we might experience a severe price drop to vital technical support at $9100. A bullish turnaround may as well set a breakout to $12300 and above.
Technical Indicator Reading
The RSI for BTC is currently at the oversold area, revealing a significant price drop. If a crossover occurs, Bitcoin’s price is likely to climb back.
The Stochastic RSI oscillator is conversely at the extremely oversold region, confirming a potential buying pressure.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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