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)
Resistance Levels: $13,000, $13,500 $14,000
Support Levels: $9,500, $9,000, $8,500
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.
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.
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