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Bitcoin Price Analysis: BTC/USD Fails to Reclaim $12k; Slumps towards $11,500

Bitcoin Price Analysis (BTC) – August 6

BTC breaks below $12k, stronger rebound expected. The coin remains in buy phase despite the recent price fall.

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

Key levels:

Supply Levels: $13,000, $13,500 $14,000
Demand Levels: $9,500, $9,000, $8,500

BTCUSD – Daily Chart

Bitcoin bulls are intentional about finding higher support for Bitcoin. This battle comes after BTC tried and failed to extend gains past $12,348 which happens to be the daily high as at the time of writing. Bitcoin price is back under $12,000 and currently exchanging hands at $11,725. Moreover, Bitcoin price is moving above both the 21-Day Moving Average and the 9-Day Exponential Moving Average.

Furthermore, as long as the 9 EMA remains above the 21 MA, traders can expect BTC to consolidate at higher levels. That’s if we could see a further climb above the $12,000 which is fast approaching; it may likely reach the supplies at $13,000, $13,500 and $14,000. Meanwhile, the critical demand level to watch out for lies at $9,500, $9,000 and $8,500 respectively.

Currently, Bitcoin price follows a dominant bullish bias. A glance at the Moving Average Convergence Divergence (MACD) displays a positive picture for BTC in the near-term. Besides, maintaining a gradual upward slope in the positive region, the MACD divergence is increasing as a signal for growing buying entries.

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

Bitcoin continued its bullish trend against USD since yesterday; however, today’s price move was the most impressive one as it climbed above $12,300 with a sharp surge. However, for the past 4 hours, BTC/USD has lost its price position trading below $12,000. Bitcoin maintained it’s bull-run and hit the price point above $12,300.

BTCUSD – 4H Chart

Above the said price mark, BTC couldn’t fight the supply and it took a downward move. The coin breached major demand near $11,700 and reached $11,500. Here, the coin appears to have found decent demand as the coin started its recovery while tracing a bullish trend line. MACD chart for Bitcoin is lowly volatile and it just had a bullish crossover and it may see demand at $10,800 and supply at $12,700.

Please note: insidebitcoins.com 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.

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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.