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Bitcoin Price Prediction: BTC/USD Is Stuck Below $11,600 as Bulls Attempt to Move Up

Bitcoin (BTC) Price Prediction – August 29, 2020
Today, buyers retested the $11,600 as the coin faced immediate rejection. BTC/USD dropped to $11,400 and move up again. In the previous retest at the $11,600, the market fell to $11,200 low. Today, price has returned above the $11,500 price level.

Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – 4 Hour Chart

Bitcoin is now trapped between $11,200 and $11,600. BTC price is more stable above the $11,500. Yesterday, the bulls broke the downtrend line and price close above it. Technically, the upward move has resumed retesting the previous highs. The upward move is presently hampered by the resistance at $11,600.A break above $11,600 resistance will accelerate price movement on the upside. A strong bounce above $11,500 will break the $11,600 and retest the $11,800. If the bulls are successful above $11,800, the stage will be set for the $12,000 resistance. Analysts believe that the $12,000 resistance will be strong. A break above it will accelerate price movement.

Bitcoin (BTC) Indicator Analysis
Bitcoin is above 80% range of the daily stochastic. It indicates that the market has reached the overbought region. BTC dropped after testing the $11,600 resistance. It has recovered and resumed an upward move. It is presently at level 52 of the Relative Strength Index period 14. The coin is in the uptrend zone but there is a balance between supply and demand.

BTC/USD – Daily Chart

Nevertheless, the BTC price is relatively stable above $11,500. The bulls have been able to defend the $11,200 support as  bulls buy the dips. Each time price reaches this level, market usually rises.BTC price movement will be accelerated once buyers push BTC above $11,600.Today, price has returned above the $11,500 price level.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.