• Bitcoin’s price is looking for support at $10500 area while the bounce is a likelihood
• The BTC/USD is correcting down by 0.23%; the bulls are likely to regain control
From $9500, Bitcoin’s price saw a decent five days growth to $11000 mark yesterday, meeting the critical resistance levels as predicted in our previous BTC analysis. An immediate touch at $11000 made the giant coin turn around and shy away from the short-term resistance with a consistent bearish step to $10641 at the moment.
Still, we can consider this running move as a pullback which aims the $10500 area, where the channel’s lower boundary is drawn. We can expect a bounce-back for the BTC/USD pair. A break, however, will confirm a downtrend. For now, Bitcoin price remains bullish on the hourly time frame.
Bitcoin (BTC)’s Current Statistics
Trading Price: $10623
Market Capitalization: $191,972,894,351
Trading Volume: 15,537,090,276
Key resistance levels: $10845, $10993, $11129
Key support levels: $10534, $10356, $10230
Bitcoin Price Prediction August 20, 2019
Bitcoin is maintaining a bullish trend, but the BTC/USD pair is correcting loss at the moment with 0.23% price drop. The price is currently moving towards key support $10534 support. Below this support lies the $10356 and $10230 level.
At the channel’s support boundary, a rebound is likely at 10845 and $10993 resistances. A breakout mad as well flags $11129 on a short-term. Going back to the $9500 recovery level on August 15, Bitcoin has displayed beautiful volatility out of the bear shock.
Bitcoin’s price is running a nice pullback to the $10500 level where price manages to break yesterday with a surge. A clear drop below this level will roll BTC back in a long-term bearish run. But the price is expected to bounce back up.
Technical Indicator Reading
The hourly RSI indicator for Bitcoin price is falling back at the oversold level, after a gentle climb to the overbought region.
The hourly Stochastic RSI oscillator is revealed at the extremely oversold territory with a potential 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.
Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.