Bitcoin Price Prediction: BTC/USD Suffers a Sudden 2.33% Drop Towards $11,000 ByAzeez MustaphaPRO INVESTOR Updated: 07 August 2020 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage Bitcoin (BTC) Price Prediction – August 7 The Bitcoin price dropped from $11,917 to $11,346 in minutes but managed to recover. 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 At the time of writing, BTC/USD is trading down marginally at its current price of $11,500. This is around the price at which it has been trading throughout the past few days. BTC/USD falling below $11,500 and undergoing rejections at $12,000 is not positive for the bull case. Although the bulls have tried and failed on multiple separate occasions to gather enough buying pressure to break $12,000, each attempt has failed simultaneously. What Is the Next Direction for Bitcoin? Bitcoin is currently trading above the 9-day and 21-day moving averages at $11,500 after an attempt by the bears to take the price down to $11,000. The move happened in less than one hour after Bitcoin dropped below 9-day MA at $11,346 which is an important support level on the daily chart but the bulls managed to bounce back up from $11,346 to $11,500 where it is currently. It is important to note that Bitcoin’s inability to post any sustained closes within the $11,800 region shows that it is currently plagued by underlying weakness. This consolidation phase has given rise to a plethora of bearish divergences that may cause the cryptocurrency to see a notable retrace in the days ahead. Moreover, the potential resistance levels for the coin are located at $12,400, $12,600, and $12,800 while the critical supports lie at $11,000, $10,800, and $10,600 as the RSI (14) moves down from the overbought region, suggesting more bearish signals. BTC/USD Medium-Term Trend: Ranging (4H Chart) BTCUSD – 4 Hour Chart On the 4-Hour chart, on the downside, the immediate support is below the moving averages at $11,500 level. The price may likely fall below $11,300 if the bears fully stepped back into the market, a further movement could test the critical support at $11,100 level and below while the resistance is located above the moving averages at $12,000 and above. Technically, Bitcoin is currently moving in sideways while the RSI (14) moves around 51-level. Join Our Telegram channel to stay up to date on breaking news coverage