- Bitcoin’s price has reached a tight range on the symmetrical triangle pattern with a potential surge lurking around.
- BTC is likely to continue bullish rally but the bears are currently attempting to gain control.
For the past few days, Bitcoin has continued to found support at the $10000 after the late July rebound which now forms a symmetrical triangle – a bullish pattern for Bitcoin, following the price dropped from $12300. BTC is now trading within a tight range on the triangle as the price looks for a breakout.
In the next few hours, Bitcoin’s price is likely to conclude on its actual next direction. At the moment, there’s lack of interest in the trade over the last 24-hours, subjecting the market in a consolidation mode.
But now, we saw how Bitcoin just bounced back above the triangle bringing the trading price to around $10500 within a speed of light. We will know in the next few hours if the bulls can further sustain price.
Bitcoin (BTC)’s Current Statistics
Trading Price: $10500
Market Capitalization: $181,652,784,792
Trading Volume: 15,263,330,514
Key resistance levels: $10700, $10993, $11500, $12000
Key support levels: $9800, $9500, $9300, $9100
Bitcoin Price Prediction for August 26, 2019
Looking at the bigger picture, the 4-hour chart has projected Bitcoin’s price on the downside with a bullish breakout on the triangle formation. As we can see now, BTC is looking for a new resistance level above the current price. As a result of the bulling surge, the price is now targeting next resistance levels at $10700, $10993, $11500, $12000 and above.
If the market falls back, Bitcoin’s price is likely to retest the $10200 and $10000 support levels. A further drop might plummet the price to $9800 and $9500 supports. Regardless of the possible move, BTC/USD is still looking bullish on the long-term outlook with a potential upward continuation. As
Conclusively
Over the past couple of days, the $10000 price range has continued to support the market, against selling pressure. However, should Bitcoin fall back to the old support and break-even, the bears might assume control of the market. But as it stands now, the bulls have stepped back. Therefore, we can expect a bullish continuation.
Technical Indicator Reading
The RSI for Bitcoin has now seen a sharp bounce back above the 50. The price may continue to rise as there’s more room for the indicator to contain bullish pressure.
Stochastic RSI for Bitcoin price has continued to found support on the 20 level, now climbing back at the overbought area. We can expect the price to keep rising once buyers remain in the market, which seems more likely at things stand.
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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