Bitcoin Price Analysis: BTC Looks down Again, Fails to Stay Above $11,500

Bitcoin Price Analysis (BTC) – August 12

Bitcoin (BTC) created a mirage while it surged; Currently, trade below $11,450.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:
Resistance Levels: $13,000, $13,500 $14,000
Support Levels: $9,500, $9,000, $8,500

BTCUSD – Daily Chart

Bitcoin was seen trading at $11,358 a few hours ago, and it then soared as high as $11,400 from there. The coin then pulled back to $11,387 and continued to head downwards. The coin hit the bottom at $11,275 with a decline of $0.78%. Finding support there, the coin then rebounded to $11,401.06.

Now, the market is deciding around $11,420, where the buyers are anticipating for a clear breakout. Meanwhile, the $12,100 and $12,250 levels may further surface as critical resistances should the $12,000 level holds. However, a strong bullish spike might take the price to $13,000, $13,500 and $14,000 levels.

If the market decides to go down, Bitcoin’s price may drop to $10,500 and should this support fails to contain sell-off, we may see a further roll back to $9,500, $9,000 and potentially $8,500. The Stochastic RSI for Bitcoin price suggests an extremely overbought market. Turning downward, the market may fall to immediate supports.

BTC/USD Medium-term Trend: Ranging (4H Chart)

BTC/USD trades within the range of $11,200 to $11,450. Nevertheless, Bitcoin has not yet slipped below $11,000 and is still in the loop of making a bounce back. BTC price hovers around $11,400 and may take time to persistently trade above $11,800. At the moment, BTC price is currently moving around $11,417 level. The upward movement is facing hurdles near the $11,800 and $12,000 resistance levels.

BTCUSD – 4 Hour Chart

Furthermore, on the downside, immediate support is near the $11,000 level while the main support is at the $10,800 level. The price might slide sharply below $10,600 which may likely test the main support at $10,400 level. Technically, Bitcoin is poised for more losses in the near-term as RSI (14) is currently moving in sideways and above 40-level, indicating indecisive market movement.

Please note: is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

The post Bitcoin Price Analysis: BTC Looks down Again, Fails to Stay Above $11,500 appeared first on

Michael is an editor at CurrencyTimes, with a background in energy and economics. He keeps an eye on Blockchain's applications in building smarter and more equitable energy access globally.

Latest articles

Oil & Gas Blockchain Consortium Finishes Blockchain-Based Pilot

The Offshore Operators Committee (OOC) Oil & Gas Blockchain Consortium has finished developing its “first pilot leveraging blockchain technology,” a press release...

Digital Checks Feature Could Give XRP Ledger Even More Utility

XRP Ledger could introduce digital Checks, a new feature that makes sending and receiving cryptocurrency even easier on the XRP Ledger. Key Takeaways Blockchain validators...

Is Bitcoin Really the Crypto for Africa?

When Satoshi Nakamoto launched Bitcoin BUY NOW well over a decade ago, his dream was peer-to-peer electronic cash that bypassed the financial institutions. While...

Travala’s Booking Business Booms as Global Lockdown Eases

Various aspects of the global economy have taken significant hits since the coronavirus pandemic began, and the travel industry has been no different....

Related articles