Bitcoin price analysis: BTC is deciding on the next move

• The price of Bitcoin may fall if the market releases a bearish tension as the technical indicators are likely to turn downward.
• Bitcoin continues to struggle with the critical $12k resistance in spite of the bullish pressure over the past three days.

For the past three days, Bitcoin’s price is facing a tough level around the $12153 resistance. Although the market has managed to close below the $12200 on Tuesday; but the market was repurchased to the tight range of $11800 – $12153 are. Since then, we have seen Bitcoin trading in this controversial zone.

If we can see a definite and strong buy above the $12000 mark with a daily candle closing, Bitcoin may gear for $13k. Considering the steady rise in Bitcoin’s dominance at 69.1% with a significant $308.5 billion market cap – this is a sign of a potential surge as it accumulates. As we can see, the technical indicators are still up as a bearish turn may release a sell tension in the market.

Bitcoin’s Current Statistics

Trading Price: $11927

Market Capitalization: $213,094,743,074

Trading Volume: $19,546,950,036

Key resistance levels: $12153, $12325, $12590, $13174

Key support levels: $11500, $11249, $11000, $9800

Bitcoin (BTC) Price Prediction for August 9, 2019

On the daily outlook, Bitcoin’s price is still on the upside, following the Tuesday’s bullish counter at the close of $11249. Now, the market is deciding around $12000, where the buyers are anticipating for a clear breakout. Meanwhile, the $12153 and $12325 levels may further surface as critical resistances if the $12k holds. However, a strong bullish spike might bring the price to $12590, $13174 and above.

If the market decides to go down, Bitcoin’s price may drop to $11500 or resell to the Tuesday’s buy-back support at $11249. Should this support fails to contain sell-off, we may see a further roll back to $11000 and potentially $9800 – meeting the triangle supports boundary. We can expect these possible moves to play out once BTC /USD finally chooses its next direction. For now, Bitcoin’s move is in suspense. 

Conclusively

Like we have rightly said above, the $12325 is the last defensive line for the bear sides. Once it is crossed, the market may fuel another bull-run to the June high. For the bear side, the August 6 low needs to be cleared before the $9800 can play out on the symmetrical triangle pattern.

Technical Indicator Reading

As we can see, Bitcoin remains below RSI 70, which shows a sign of price rejection. If the market climbs to the overbought, the price of BTC may record a new 2019 high at the $15000 area.

The Stochastic RSI for Bitcoin price suggests an extremely overbought market. If it turns downward, the market may fall to immediate supports.

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.