Bitcoin Price Prediction: BTC/USD Bulls and Bears Fight for Control around the $11,600

Bitcoin (BTC) Price Prediction – August 8

At the moment, the daily chart reveals that BTC/USD lacks strong resistance on the upside.

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

Key levels:

Resistance Levels: $12,400, $12,600, $12,800

Support Levels: $11,000, $10,800, $10,600

BTCUSD – Daily Chart

BTC/USD touches the daily high at $11,812 to face a key resistance of $12,000 but was later rejected and is now trading sideways. However, if the first digital asset continued to consolidate in this way, traders could soon see it break through the above-mentioned level of key resistance and it could then be obvious to target the potential resistance of $12,500. In other words, traders may see a larger decline in the coming days if the coin breaks below the 9-day moving average.

Possible Next Direction for Bitcoin

BTC/USD has remained in the consolidation mode above the 9-day and 21-day moving averages, deciding on the next move. In addition, it can be expected that the market may continue to sell should in case the market price breaks below the 9-day MA. But, if the bulls show a strong commitment, BTC/USD could rise above the upper boundary of the channel and may reach the potential resistance levels of $12,400, $12,600, and $12,800 as the RSI (14) indicator, while on the positive side, may continue to give bullish signals.

Presently, the daily chart shows that the weak upward momentum may be affecting the Bitcoin bulls, although bears may likely bring the price to $11,200 which could lead the Bitcoin price to the supports of $11,000, $10,800, and $10,600 in the next negative moves.

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

The 4-hour chart shows that the Bitcoin price touches the daily high at $11,814; this barrier may likely slow down the bulls as the coin may consolidate around the 9-day and 21-day moving averages before breaking above the channel to reach the important resistance at $12,200 and above.

BTCUSD – 4 Hour Chart

On the downside, as the technical indicator (RSI (14) moves around 56-level, if the market price breaks below the moving averages and the technical indicator confirms it, the nearest support levels may come at $11,500 and $11,300 while the critical support is located at $11,200 and below.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • US-Friendly
  • Paypal accepted
  • 12+ cryptocurrencies

Visit Site
75% of retail investors lose money.
eToro Reviews

    eToro Reviews your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees

    Visit Site
    80.5% of retail investors lose money.
    Plus500 Reviews

      Plus500 Reviews your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Past performance is no guarantee of future results.

      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.