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Bitcoin Price Prediction: BTC/USD Resumes Uptrend Above $11.2k, Regains Bullish Momentum

Bitcoin (BTC) Price Prediction – August 12, 2020
Yesterday, BTC/USD dropped to $11,123 as the downtrend subsided. This will be the second time BTC will be facing rejection at the $12,000 overhead resistance. Each time there is a rejection at the overhead resistance, the market will fall within the price range of $11,000 and $12,000.

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

BTC/USD – Daily Chart

Before the second rejection at the $12,000 overhead resistance, the market has been consolidating between $11,000 and $12000. At other times the consolidation reduces to a tight range between $11600 and $12,000. With a tight consolidation near the resistance, sellers will not have the opportunity to push BTC down to the lower price range. Besides, there will be a bullish continuation as breakout can easily occur above the resistance. Yesterday BTC dropped to $11,200 as price made an upward correction. Technically, BTC uptrend is intact as price does not fall below the $10,400 support.

Today, BTC is rebounding above the $11,200 as the king coin resumes a fresh uptrend. The price is approaching the $11,600 high. On the upside, if BTC makes a strong bounce above $11,600, the $12,000 resistance will be breached. The momentum will continue as the coin resumes a fresh uptrend above the resistance. The market will continue its range bound movement if the third attempt at the resistance fails. Nevertheless, Bitcoin will rise as it is at level 60 of the Relative Strength Index period 14.

Donald Trump praises “Big stock Market Numbers “as Bitcoin and Gold prices collapse
Bitcoin’s failure to break the $12,000 resistance and the sudden drop coincided with the fallen prices of Gold and Silver. Bitcoin traded below $11,500 with a 3.45% drop in price. Gold dropped from its all-time high of $1,950 but corrected upward by 3.6%. Silver price also fell by 6.85% from its 2020 high of $29.85 on August 7. Recently, President Donald Trump of the United States of America signed an executive order extending the Federal pandemic relief benefits to Jobless Americans. This announcement affected the United States markets, with S&P 500 going up by nine points. Also affected is the Dow Jones Industrial Average up by 300.

BTC/USD – Daily Chart

BTC/USD Next Possible Direction
Bitcoin has resumed uptrend as price rebounded above $11,200 support. The Fibonacci tool has indicated the next move of Bitcoin after the overhead resistance. A red candle tested the 0.236 or 23.6% Fibonacci retracement level. It indicates that the market will rise and reach a high of 4.236 extension level or $15,000 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.