- 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.
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.
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.