- Bitcoin price forms a triangle as the market fell from $13,000 to $10,000 supply zones
- The crypto king is likely to rebound at the $10, 000 supply zone
- If price breaks the $13,000 supply zone, it is an indication of a resumption of an uptrend
Bitcoin (BTC) Current Statistics
The current price: $10,201
Market Capitalization: $182,623,809,319
Trading Volume: $13,348,171,354
Major supply zones: $13,000, $14,000, $15,000
Major demand zones: $8,000, $7,000, $6,000
Bitcoin (BTC) Price Analysis August 28, 2019
In the last three months, the coin had been trading between the $10,000 and $13,000 supply zones. The crypto’s price tested the $13,000 supply zone but found support at the $9,000 demand zone. As the price fluctuations continued, the market formed a symmetric triangle.
In its sideways move, the market recorded four higher lows where price tested and rebounded. This gives the impression that the Bitcoin (BTC) price has strong support to buy. Meanwhile, if the market makes an upward move and breaks the $13,000 supply zone, this will signal the resumption of an uptrend.
Bitcoin Technical Indicators Reading
The coin’s symmetric triangle is a continuation pattern. A breakout of the symmetric triangle will mean that the BTC price will resume its uptrend. This allows traders to initiate long trades. However, if the symmetric triangle is a bearish pattern, a breakdown below the symmetric triangle will mean that the market will further depreciate.
Besides, the BTC price has reached a 40% range of the daily stochastic. This implies that the Bitcoin market is in a bullish momentum and a buy signal. The two-colored moving averages are horizontally flat, indicating that price is fluctuating.
The BTC price is in a decisive move as it had been trading above the $10,000 supply zone in the last three months. At the supply zone, if more buyers are introduced, the upper line of the symmetric triangle is likely to be broken, and the crypto’s price will rise to retest or break the $13,000 resistance zone.
On the other hand, if the symmetric triangle is a bearish pattern, the Bitcoin price would fall and reach the lows of either $7,400 or $8,000 demand zone.
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.