Bitcoin Price Prediction: BTC/USD Trades Above $11,000 After A Sharp Sell-off

Bitcoin (BTC) Price Prediction – August 3

Bitcoin (BTC) bulls still remain in control as the price heads toward a $12,000 resistance level.

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

Key levels:

Resistance Levels: $12,000, $13,200, $13,400

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

BTCUSD – Daily Chart

After breaking above the $11,000 resistance level, BTC/USD is seen following a bullish sentiment as the market price hits the daily high at $11,458 resistance. At the moment, the BTC price is trading around $11,415. However, the bulls are gaining control of the market. It is important to realize that the market is still ready for further upside near to mid-term because the gap has not been filled.

What Levels Could BTC/USD Pullback To?

At the moment, the buyers appeared to be gaining control of the market, if the bulls can manage to break above the upper boundary of the channel, the next buying pressure can be expected at $12,000, $12,200 and perhaps $12,400 resistance as the market is currently testing the 70-level of the daily RSI (14). Meanwhile, a bounce below the 9-day moving average could send the market to $10,400, $10,200, and $10,000 supports.

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

On the 4-hour chart, a retest of $11,480 gives the impression that the bulls are not yet done. The Bitcoin price rises to fill a significant gap as the bulls remained in control which may take the coin towards the $11,500. In a short time, BTC/USD may hit $11,800 if the bullish pressure continues. Otherwise, the price may plummet to $10,800 and below.

BTCUSD – 4 Hour Chart

On the upside, a bullish move may continue to meet resistance at around $12,000 and above. As of now, the 4-hours stochastic RSI is coming out of the negative zone, now turning upward. This could mean that the BTC/USD trading is looking for another close resistance. Meanwhile, a significant cross below the 20-level may send the market in a bearish scenario.

Remember, all trading carries risk. Past performance is no guarantee of future results.

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.