Bitcoin Price Prediction: BTC/USD Gets Ready For another Attempt On $12,000

Bitcoin (BTC) Price Prediction – August 4

After some brief consolidation, BTC/USD is currently trading above $11,245.

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

Key levels:

Resistance Levels: $12,000, $12,200, $12,400

Support Levels: $10,400, $10,200, $10,000

BTC/USD bulls are focused on breaking the resistance at $11,500; a move that would pave the way for gains above $12,000. The coin is currently settling above $11,245 while the further recovery is limited by the local resistance of $11,300. However, the recent dip that occurred in the early hours of today was actually helpful for Bitcoin as the technical indicator RSI (14) moves around 67-level as the coin is getting ready for the next leg up.

Would Bitcoin Go Up or Down?

The Bitcoin price has refused to budge and remains in consolidation in spite of a breakout above the 9-day moving average. The bulls have established a higher low and only need to climb above $11,500 to confirm a daily uptrend. Presently, the trend is in the favor of the bulls and if the situation remains unchanged, BTC/USD may continue to grind north.

Moreover, the resistance is anticipated at $11,600 and $11,800. If the coin brings down the seller congestion in these areas, there is a chance that a new path to $12,000, $12,200, and $12,400 resistance levels may be created. For now, all the attention should go towards overcoming the hurdle at $11,500 and defending support at $10,800. Meanwhile, going below $10,800 may likely seek supports at $10,400, $10,200, and $10,000 respectively.

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

On the 4-hour chart, there are several important technical barriers below and above the current price at $11,248 level. This means that BTC/USD may spend enough time consolidating gains at the current levels as the RSI (14) moves sideways.

Meanwhile, in the long-run, the trend stays bullish as long as the price is above $11,000. The potential resistance level is located at $12,000 and above while the nearest supports are under the lower boundary of the channel at $10,600 and below.