• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / Opinion / Market Analysis / Bitcoin price analysis: False breakout rolled BTC back under $12000
Bitcoin price

Bitcoin price analysis: False breakout rolled BTC back under $12000

August 6, 2019 by Michael Fasogbon

  • Bitcoin’s price saw a quick drop by 0.91% following a false breakout to $12325 earlier today
  • The market seemed to respect the medium-term symmetrical triangle pattern as a technical indicator suggests a bearish move for Bitcoin.

Exactly as we predicted in our previous Bitcoin’s price analysis, the recent price surge appeared to have come to an end as the leading coin got rejected at the upper boundary of the symmetrical triangle that was spotted a few days back. Although BTC managed to break up to $12325, the bulls were unable to sustain pressure further before the price fell back beneath the $12000 mark.

Due to the past few hours’ price rejection, Bitcoin is now attempting to close on a daily bearish pin bar candle which is currently at $11736 price level. If the candle manages to close further below the mentioned price, the bears may step back into the market and cause Bitcoin’s price to bottom at $9800.

Bitcoin’s Current Statistics

Trading Price: $11717

Market Capitalization: $209,291,642,830

Trading Volume: $23,032,214,948

Key resistance levels: $12000, $12325, $12590, $13174

Key support levels: $11500, $11200, $11000, $9800

Bitcoin Price Analysis August 6, 2019

From the daily chart, we can see that Bitcoin appeared to be respecting the symmetrical triangle pattern, following the $12325 price rejection that pulls the market back below the upper boundary after a break attempt.

Now, it appears the BTC bears are now showing a reaction to price. If they continue to cause the price of Bitcoin to drop, the $11500, $11200 and $11000 supports may resurface before a slump to $9800.

Bitcoin BTC technical price analysis
BTCUSD, Daily Price Chart – August 6, 2019

Meanwhile, the hourly price chart has displayed a sharp drop, which is now playing out bearish on the technical indicator as well. However, if the bulls can regroup strongly, Bitcoin’s price may retest $12000 and $12325 resistances before a further climb to $12590 and $13174. But now, the $12000 resistance is a critical level for the market to breach.

Conclusively

Should Bitcoin (BTC) continue to drop lower, we can expect a fall back to $11000 and below on a weekly close. More so, we need to stay glued for a potential resurge at $12000, a critical level for a further positive move. Let’s see how things unfold in the next few days of trading.

Technical Indicator Reading

RSI remains below the overbought level after the current price rejection at $12325. Bitcoin price is likely to resume bearish fall if the RSI 70 refuse to break up.

The Stochastic RSI has continued to trend at the oversold region, signaling a strong bearish move 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.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: Market Analysis Tagged With: Bitcoin (BTC), Price Analysis

Primary Sidebar

Recent Posts

  • Litecoin Price Surges Before Halving as AltSignals Raises $876k During Presale June 1, 2023
  • XRPL Pioneer Reveals Groundbreaking Trading Approach June 1, 2023
  • May Madness: Over 15 Billion SHIB Tokens Burned In 191 Transactions June 1, 2023
  • Cardano Community Split in Response to Meme Coin Market Surge June 1, 2023
  • Binance’s Exit Boosts Kraken’s Popularity Among Canadian Crypto Traders June 1, 2023

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2023 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.