- The 7.74% price gain has led Bitcoin’s price to $11800, seeming a tough level for the bulls in the past few hours
- The price of Bitcoin added up by $900 today after a sharp break above the $11000 that proved difficult during Sunday’s trading
Bitcoin’s price has finally overcome the yesterday’s 10800 – $11000 levels that proved difficult for the bulls to surpass. Following the Asian Session’s opening at $10973 early today, the Bitcoin’s price spiked $900 from the daily low, adding up the price at $11800 after few hours of a surge in volatility. If the bullish scenario can continue all through this week, Bitcoin may dramatically print a fresh high.
Bitcoin’s price action is now playing out well to the symmetrical triangle pattern we spotted in our previous Bitcoin’s analysis. Currently, BTC trading is reaching the upper boundary of the triangle. If the upper boundary breaks, buying pressure may take us to the June high at $13764. Currently, BTC dominance is 67.7% with a market cap of $306.3 billion – a bullish signal.
Considering a bounce at the $12k, BTC may fall back to $11000. The technical indicators for Bitcoin are back on the positive sides, reaching their price rejection levels. However, the price may further rise if more buying pressure can be contained.
Bitcoin’s Current Statistics
Trading Price: $11800
Market Capitalization: $210,198,686,645
Trading Volume: $22,930,417,117
Key resistance levels: $12000, $12200, $12500, $12000
Key support levels: $11500, $11200, $11000, $9800
Bitcoin Price Technical Analysis August 5, 2019
Bitcoin’s price is still up surging following the past six days positive move on the daily time frame. A look at the market suggests that the bulls are strongly gaining momentum – How long will it last? That’s if we can see a further climb above the $12000 – fast approaching, before a potential break to $12200 and $12500 on a short-term move.
Similarly, the $13000, $14000 and $15000 may further play out on a medium-term. Should the bears show commitment in the next coming session, Bitcoin’s price is expected to find medium-term support at around $9800, retesting the lower boundary of the symmetrical triangle pattern. Meanwhile, the critical support level to watch out for lies at $11500, $11200 and below. At the moment, BTC follows a dominant bullish bias.
Conclusively
A clear breakout above the $12k signals the fourth stage of the parabolic cycle, which could double the current Bitcoin’s price on a long-term if the $13776 high further breaks. A rejection could roll price back in a bearish condition.
Technical Indicator Reading
RSI for Bitcoin has resumed bullish swing after crossing up the 50 level on August 1. The RSI 70 may reject the price.
The Stochastic RSI is now at its highest condition owing to the recent Bitcoin price increase. A short move lurks around the corner for Bitcoin.
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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