- Bitcoin’s price has seen a weekend correction loss of 3% subtracting $600 from a daily high
- The price may likely fade to $10000 as long as the traders continue to short Bitcoin
Bitcoin is back on a weekend trading as price actions stumble to $11208 on Bitfinex – retesting August 6 low. The bears have reacted to the two days price indecision, causing the market to drop by 2.86% as of the time of writing. Yesterday, Bitcoin’s price managed to close below the $12000 mark, as we mentioned in our previous Bitcoin’s analysis.
So far, on a weekend opening, traders are now selling off their positions. We might experience more heavy drop if BTC further closes below the $11200, leading to a bearish engulfing candle pattern.
Meanwhile, the critical target lies at $9800 as depicted on the daily chart. As we can see now, a potential price fall is signaled on the technical indicators, especially on the Stochastic RSI. Going with these signs, this weekend might turn out to be uglier as Bitcoin sells.
Bitcoin’s Current Statistics
Trading Price: $11422
Market Capitalization: $204,324,893,834
Trading Volume: 17,924,263,035
Key resistance levels: $11550, $11800, $12000, $12153, $12590
Key support levels: $11200, $11000, $10800, $10400, $10000
Bitcoin Price Prediction on August 10, 2019
As we have predicted in the past, Bitcoin’s price is equally playing out to the medium-term symmetrical triangle pattern on the daily chart. The $12000 resistance has finally rejected the BTC bulls – and now – the bears have stepped back, aiming the $11000 through $11200 break.
If the weekend trading becomes more severe with selling pressure, Bitcoin’s price may plummet to $10000 after clearing $11000, $11800 and $10400 supports. Considering the current BTC dominance at 69.4%, the bulls may show interest to buy Bitcoin back to $11550, $11800 and $12000 resistances before retesting the $12153 and $12590. At the time of writing, the bears are in a short-term play.
In as much as price movement continues to remain within the mid-term symmetrical triangle pattern, Bitcoin’s price will continue to play to the tight angle until a surge in volatility occurs. For now, we should start shorting at the $10000, which is where Bitcoin is heading to in the coming days.
Technical Indicator Reading
The RSI for Bitcoin is looking down after facing a strong rejection at the oversold level. It will further fall if the price keeps dropping.
The market is significantly overbought on the Stochastic RSI with a potential bearish move. We can expect a more Bitcoin price fall in the next few days.
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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