Bitcoin Price Prediction: BTC/USD Makes Deep Retracement, Resumes Uptrend

Bitcoin (BTC) Price Prediction – August 18, 2020
Today, Bitcoin has fallen to $11,184 and corrected upward as it marginally trades above 12K. Yesterday, BTC/USD  broke the $12,000 overhead resistance and rallied to $12,490. The bulls were resisted as the upward move could not be sustained. Today, the king coin has almost made 100% retracement from the recent high.

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

BTC/USD – Daily Chart

Bitcoin (BTC) is trading at $12,016 at the time of writing. This is to say that the bullish gains of yesterday have been erased by the downward movement of the coin. Today, BTC retraced to $11,800 and resumed a fresh uptrend. On the upside, if the bulls defend the $12,000 support, a retest at the $12,400 resistance is possible. On the downside, if the bears break below the current support, the selling pressure may persist. Bitcoin will further depreciate to $11,700.

According to the Fibonacci tool, BTC will resume a fresh uptrend as the current support holds. On the August 17 uptrend, BTC was resisted at $12,400 as the coin made a downward move. During the retracement, the last candle body tested the 38.2% Fibonacci retracement. This implies that Bitcoin will rise and reach a high of 2.618 Fibonacci extension level. That is the next target of Bitcoin will be at $13,800 high.

The Rise of Bitcoin’s price prediction by Kim Dotcom
Kim Dotcom told his followers in August 2018, that they should buy Bitcoin and Gold that the U.S dollars will become worthless. He also believes that the US economy will collapse. According to reports that ‘all old money currency’ will go down. Internet entrepreneur and digital rights activist, Kim Dotcom, also appreciated Twitter followers who bought Bitcoin based on his advice in 2018. He said “Times will get tough. But you’ll be fine if you hedge some of your assets in preparation for the crash. The big crash is coming 100%.”

BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin has resumed an upward move as the current support at $12,000 holds. It is now trading in the overpriced region above 80% range of the daily stochastic. The coin is in a strong bullish momentum.

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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.