- Bitcoin price fluctuates downward between the $13,000 supply zone and the $10,000 demand zone
- If the bears break the demand zone of $9,000, the crypto’s price will further depreciate
- The BTC market is likely to commence its upward move if the bulls break the $12,000 supply zone
Current Bitcoin (BTC) Statistics
The current price: $10,713.54
Market Capitalization: $191,608,871,606
Trading Volume: $15,654,990,047
Major supply zones: $12,000, $13,000, $14,000
Major demand zones: $9,000, $8,000, $7,000
Bitcoin Price Analysis August 19, 2019
BTC price had been fluctuating downward since June 26, after the bulls tested the $13,764 supply zone. The bulls were resisted at the $13,000 supply zone twice, and the coin fell below the $10,000 demand zone. The bulls made an upward move and were resisted again at the $12,000 supply zone. The price of Bitcoin lack buyers at the supply zones. On the upside, if the market has more buyers than sellers, the crypto’s price will rise and retest the $14,000 supply zone.
On August 14, the coin fell and tested the $10,000 demand zone, and the bulls made an upward move to retest the previous highs. If the crypto’s price rises and breaks the $12, 000 supply zone, the market will continue its upward movement.
On the other hand, if the bulls were resisted, the market will continue its fluctuation between the $10,000 and $12,000 price levels. There is a likelihood that the coin may encounter a bullish or bearish breakout in a couple of days.
Chart Indicators Reading
BTC price stands in the oversold zone of the daily stochastic but still above the 20% range. It suggests that the price is in a bullish mode and presents a buy signal. The Stochastic has indicated an upward move above the 20% range.
The 12-day, as well as 26-day EMA, are sloping in the horizontal direction showing that price is fluctuating horizontally. The BTC price is likely to fall to the low of $8,000 demand zone if the bears break the lower line of the symmetric triangle. Similarly, the market may rise, if the bulls break the upper line of the symmetric triangle.
General Outlook for BTC
The market is likely to encounter a price breakout if it continues to fluctuate downward. The coin needs more buyers than sellers at the supply zones for the price of Bitcoin to rise. The market is expected to increase according to the stochastic indicator.
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.