- The BTC market remains bearish on a long-term despite the recent price gain of 0.77%
- Bitcoin’s price is facing the $10220 resistance while the $10000 supports bolster following yesterday’s sharp recovery at $9500
After the sharp recovery from yesterday’s $9500 crash, Bitcoin’s price continues to roam around the $10000 support in spite of the arising bear threat in the past few hours. The market has shown bit strength around the mentioned support, amounting to a 0.77% growth at the moment. However, Bitcoin is now struggling with the $10220 resistance after the rejection at the $10471resistance.
In actual sense, the leading coin is shuffling between the ranges of $9808 – $40471 in the last 24-hours. If Bitcoin can successfully overcome the $10200 and the $10471 resistances, we should expect more bullish in the coming days. Besides, Bitcoin’s trading has approached the weekend. With that, we may see the usual bullish revival. A significant candle closes below the $10000 may trigger a bearish continuation for Bitcoin.
Bitcoin’s Current Statistics
Trading Price: $10195
Market Capitalization: $181,589,902,105
Trading Volume: 21,574,120,466
Key resistance levels: $10471, $10640, $10800, $11000
Key support levels: $10000, $9784, $9522, $9314
Bitcoin (BTC) Price Prediction August 16, 2019
The June 26 price drop is still subjecting Bitcoin in a descending channel pattern on the 4-hour chart. Moreover, the past three weeks of price variations have brought the market to the three months ascending trend line, where Bitcoin currently founded support yesterday. Up until now, the support has continued to bolster.
Bitcoin may rise to $10471 followed by a surge to $10640, $10800 and $10000 resistances on a short-term bullish. Meanwhile, a clear drive beneath the $10000 and $9784 supports could further slip the market to $9522 and possibly creating new support at $9314. On the daily chart, Bitcoin remains intact within the symmetrical triangle pattern.
Conclusively
As long as the $10000 support continues to hold bear pressure, Bitcoin’s price may go up in the coming weekend. But one thing to note is that the market needs to clear the $10471 before we can see higher prices.
Technical Indicator Reading
The RSI was significantly bearish following the past 12 days of decline. Bitcoin price is now climbing back.
On the Stochastic RSI, the market has reached the highest condition, which indicates a potential pullback.
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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