- Bitcoin is down by 1.35%, but the market is still looking indecisive at the moment
- Bitcoin (BTC) is rolling back to technical support at $10000 with a possible breakout.
Since our previous Bitcoin’s price analysis, the price is yet to break away from the triangle as BTC price underway for a breakout and keeping the market subdue in a tight range.
As we can see, the price action is still trading in a rising channel, although the yellow-dotted descending line is holding the bulls down alongside $10500 resistance which was nearly broken yesterday.
While the channel’s lower boundary stands against the bear surge, the $10000 support has continued to bolster as well since the August 15 sharp bounce. In a couple of hours, we would know the actual direction for Bitcoin. As of now, the market is indecisive.
Bitcoin (BTC)’s Current Statistics
Trading Price: $10185
Market Capitalization: $182,337,137,950
Trading Volume: 13,739,499,164
Key resistance levels: $10500, $10993, $11250
Key support levels: $9800, $9500, $9300
Bitcoin (BTC) Price Prediction for August 28, 2019
The past 12 days of trading has made Bitcoin carve a channel pattern on the hourly graph, but the price action seems to be respecting a triangle formation, which is now reaching a break area. Now, Bitcoin is looking fragile and weak as a bearish move is likely if the $10000 support can no longer contain selling pressure.
If such a scenario occurs, the $9800, $9500, and $9300 support may be tested within a blink. However, an evident surge above the yellow-dotted line could bring BTC back in an upward range, meeting $10500, $10993 and $11250 resistance levels where the channel’s upper boundary lies.
There’s a need for an increasing volume for a surge in volatility to occur. Otherwise, Bitcoin’s price might remain in the middle of consolidation until we can see a significant wave.
Technical Indicator Reading
The hourly RSI for Bitcoin is currently looking bullish, indicating the buyers are gaining control of the market and the price may increase if the bulls can further sustain pressure.
The Stochastic hourly RSI has reached the overbought area, revealing a sell signal for BTC.
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.