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Bitcoin Price Prediction: BTC/USD Struggles to Clear $11,500 to $11,800 Resistance Zone

Bitcoin (BTC) Price Prediction – August 30, 2020
Today, BTC/USD price has broken above the $11,600 resistance but the bulls have not sufficiently broken above the resistance level as price continues to hover above it. The king coin is slowly recovering above the $11,500 support.

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

BTC/USD – Daily Chart

Bitcoin recovery will be accelerated if the coin pushes above the 12-day EMA. Above the EMAs, the price movement will be accelerated. Buyers will be able to clear the $11,700 and $11,800 resistance level. On August 24, the bulls could not clear the $11,800 resistance as BTC plunged to $11,200 support. On the upside, a proper clearance can trigger a larger upward movement of prices. BTC will continue upward move towards the $12,000 price level once $11,700 and $11,800 resistances are cleared.

The bullish scenario will extend to $12,500 if the bulls are successful above the $12,000 resistance. Nonetheless, the upside analysis can be invalidated if price faces rejection at the $11,500 to $11,800 resistance zone. Bitcoin may encounter another breakdown or be compelled to a sideways move for several weeks. Today, BTC is trading at $11,644 at the time of writing. Meanwhile, BTC is in a strong bullish momentum as it is above 80% range of the daily stochastic.

Mick Mulvaney- Former Pro- Bitcoin Chief of Staff Runs a Hedge Fund
Mick Mulvaney is the former Chief of Staff for President Donald Trump. He is well known for his positive stance on Bitcoin. He is now launching a hedge fund. Since 2014, Mick Mulvaney has been recognized as pro-Bitcoin official encouraging practical regulation of cryptocurrencies. The new fund is called Exegis Capital. Mulvaney will collaborate with former Sterling Capital Management portfolio manager Andrew Wesel. According to the former Chief of Staff :

“My interest in it is to just try and make sure that the government doesn’t act too soon in such a fashion that curbs the potential for Bitcoin. Because I see the potential for Bitcoin as a medium of trade and as a transactional tool, and I’d hate to see the government make decisions early that sort of retard its growth.”

BTC/USD – 4 Hour Chart

Nonetheless, Bitcoin is above the EMAs and price rebounded above the $11,400 support level. The king coin has the chance of a larger upward move of the coin. Buyers are attempting to clear the $11,500 to $11,800 resistance zone.

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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.