- The last 24-hour trading records a price growth of 2.35% following a bullish step back in the BTC market
- Bitcoin’s price continues to surge after climbing back above the $10k resistance, and $11k may play out shortly as buying pressure increases
Since mid-week breakout above $10k, Bitcoin’s price has been consistently increasing to a current price of $10800 after a further break above the $10200 – which has was rejected twice. The three days steady climb is a good signal that the bulls are back in the BTC market.
Subsequently, we can say Bitcoin’s price is now rising as $11k may play out in the coming days. Statistically, BTC dominance is 66.4% as market cap records $290.6 billion. Base on this fact, the coin is likely to hit $12k if the market cap can hold $300 billion above.
Meanwhile, the possible moves for Bitcoin’s price action are drawn on the daily chart before the symmetrical triangle pattern breaks. Additionally, the technical indicators have turned back to positive. If Bitcoin’s price drops now, the $9800 may be retested as the RSI indicators may as well resume bearish.
Current Bitcoin Statistics
Trading Price: $10812
Market Capitalization: $192,611,830,372
Trading Volume: $17,888,598, 477
Key resistance levels: $11000, $11500, $11800, $12000
Key support levels: $10420, $10200, $10000, $9800
Bitcoin Price Technical Analysis August 3, 2019
The long-term outlook for Bitcoin’s price action is bullish. Considering the three month’s symmetrical triangle pattern presented on the daily chart, Bitcoin is indecisive.
As we can see, the volume is now painting green due to the current price increase. The next level of resistance lies at $11000. A significant break will bring the price further at $11500, $11800 and $12000.
If BTC bears regroup now, the $10420, $10200 and $10000 support may play out before rolling back to $9800 at the lower boundary of the triangle. However, the hourly outlook is still looking bullish as price actions remain in a consolidation mode. On the 4-hour chart, the market is advancing higher following the August 1 breakout at $10235.
Conclusively
If we can see a daily candle close above the $11000, then we should expect the price to keep surging to the $12000 mark. Should the $11000 level rejects, Bitcoin’s price may drawback to $9800. However, a triangle break-up may rise Bitcoin’s price back to $13764, the yearly high. A triangle break-down could drop the price as low as $7500.
Technical Indicator Reading for Bitcoin Price
RSI for Bitcoin has slightly turned positive at the 55 level. It may nosedive back if bears turn active.
Stochastic RSI is now overbought, signaling a possible pullback. We may see a swing towards the low bitcoin price if bearish cross signals occur.
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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