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Bitcoin Price Prediction: BTC/USD Continues to Face Rejection as Bulls and Bears Tussle for Price Possession

Bitcoin (BTC) Price Prediction – August 15, 2020
Bitcoin bulls are unrelenting as price closes up on the $12,000 overhead resistance. BTC/USD  is trading at the resistance zone and close to the breakout point at $11,931. At the early hours of today, the price has earlier reached a high of $11,997.

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

BTC/USD – Daily Chart

Since August 1, Bitcoin bulls commenced the upside range trading to break the $12,000 overhead resistance. For over two weeks, the bulls have failed to break the overhead resistance. From the price action, the bulls have broken the  resistance twice but were repelled. For the breakout to be successful, buyers must clear the resistance levels of $11,950 and $12,050. Simultaneously, the momentum should be sustained. Buyers have been facing rejection at the $12,000 overhead resistance because they failed to clear the resistance zone and sustain the upward momentum. The market is trading at the edge of the breakout point. A bearish reaction will follow if the bulls fail to break the resistance. The market will drop to previous support levels.

Bitcoin Trades beneath Key Resistance and Above Exponential Moving Averages
For the past two weeks, buyers have been consistently trading below the overhead resistance. At most times, price will be fluctuating between levels $11,800 and $12,000. This is creating an environment for a possible breakout. Nevertheless, Bitcoin bulls have been trading above the EMAs which indicate the upward move of BTC. However, if the bears have succeeded to break below the EMAs the market will fall.

BTC/USD – Daily Chart

Nonetheless, the Fibonacci reading remains the same as we await breakout possibility. Today, price has been trading at a striking distance. Once price breaks the $12,000 resistance, the market will rise to 4.236 Fibonacci extension level. Firstly, BTC will rally to its first target at the $13,000 high.

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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.