- Bitcoin’s price is still trading at the upper boundary of the descending channel formation as the bears regroup for more selling pressure.
- Bitcoin(BTC) is currently in a consolidation mode after the weekend drop at $10208.
Bitcoin’s price is still trading below the $12000 following weekend’s down surge that plunged the leading coin to $11208 low before the slight retest to the $11500 area yesterday. As of now, price is in a consolidation mode as the BTC bears build strength for the next surge, which may dramatically bring the market to $10000 in the next few days.
Statistically, Bitcoin (BTC) has been statistically subdued in volume and dominance (68.6%) with over a billion drop in the market cap – amounting to another potential sell-off lurking around the corner. Compare to Saturday’s bloodbath; Bitcoin is lighting a new week on greens, will it last? The next few days’ price action will actually provide answers to the question.
Bitcoin’s Current Statistics
Trading Price: $11361
Market Capitalization: $203,077,346,030
Trading Volume: $13,538,412,096
Key resistance levels: $11490, $11800, $12000, $12153, $12590
Key support levels: $11129, $11000, $10800, $10400, $10000
Bitcoin (BTC) Price Prediction as per August 12, 2019 data
On the 4-hour chart, Bitcoin (BTC) is currently gathering momentum for the mid-term support at $10000. But before this price come into play, the $11129 and $11000 support levels must be clearly breached.
Meanwhile, the $10800 and $10400 are further levels of support for Bitcoin. At this stage, it’s essential to consider a more downward range in coming days.
On 11th August, Bitcoin (BTC) retested $11494 area. The price may shoot back at the $11800 and $12000 resistances if we can see a strong buy. Currently, the bulls are showing little interest.
A more increased volatility may bring Bitcoin’s price back around the last week highs at $12153 and $12590 before a further rise. From a technical angle, the bears are more likely to win the market. On the hourly, Bitcoin’s price is now on the downside with a bearish outlook.
Conclusively
Bitcoin (BTC) targets $10000 in the mid-term, which is much expected to occur in future trading. During last week trading, we saw how the BTC bullish momentum came to an end around the $12000 after a consistent ten days of a price increase. Until strong bullish regroup resurface, Bitcoin will continue to fall.
Technical Indicator Reading
The RSI is now shooting low after the series of swing high that led the market to the overbought region.
On the Stochastic RSI, we can see that Bitcoin (BTC) is attempting to rise back, but it appeared there’s a low amount of buying pressure in the market.
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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