Bitcoin price analysis: BTC cuts $1000 as $10k resurface, can it hold?

• The price of Bitcoin surged beneath the ascending channel today with $1000 price cut from the daily short opening.
• After recording a daily low at $10000 on Bitfinex, Bitcoin (BTC) is now in the middle of consolidation.

As predicted in our previous Bitcoin price analysis, the BTC/USD pair has finally dropped below the ascending channel on the short-term outlook, which has now become bearish as $10000 dramatically resurface – the bears are back in control!

Another thing to note here is that Bitcoin’s price has tested the four-months triangle’s lower boundary, drawn in gray on the price chart. However, it appears the short-term support is holding steady at the moment. The price of Bitcoin will fall severely if the forming lower lows and lower highs formation on the 4-hour time frame play out.

Bitcoin’s Current Statistics

Trading Price: $10000

Market Capitalization: $178,701,953,762

Trading Volume: $17,927,471,068

Key resistance levels: $10200, $10323, $10500

Key support levels: $9800, $9600, $9500

Bitcoin Price Prediction for August 21, 2019

Taking a look a look at the bigger picture, Bitcoin has broken the five-days ascending channel earlier today, and as we can see, the market is now trading around the $10000. We can expect a rollback to the August 15 recovery area at $9500 if the bears continue to step into the market.

But before then, the $9800 and $9600 are the nearest key support levels, although the $9800 area was tested in the past few hours. Meanwhile, the $10200, $0323 and $10500 levels are now presented as resistance for the market. On the intraday outlook, BTC is forming a bearish engulfing pattern. A daily candle closes beneath the $10k will lead to a significant price drop.

Conclusively

Again, Bitcoin’s price has displayed a sign of weakness over the past few hours, resuming on a short-term bearish trend. The technical support at $10000 level is currently suppressing bear pressure. If the price level fails to bolster, Bitcoin may revisit July low at $9100.

Technical Indicator Reading

The hourly RSI has slightly dropped to the oversold territory. It will fall extremely if the short-term support dips.

The Stochastic RSI shows that Bitcoin’s price is undervalued and as we can see now, the market is waiting for a buy signal.

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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