Search Inside Bitcoins

Bitcoin Price Prediction: BTC/USD Bulls Show Signs of Weakness; Price May Touch $11,500 Support

Bitcoin (BTC) Price Prediction – August 19

Bitcoin (BTC) free-falls below $12,000, the coin is unlikely to hold onto the short support at $11,700.

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

Key levels:

Resistance Levels: $12,700, $12,900, $13,100

Support Levels: $11,100, $10,900, $10,700

BTCUSD – Daily Chart

BTC/USD is seen pulling the entire market down with it following losses under $12,000. However, the failure to hold above the $12,000 must-have encouraged more sellers to join the market and push for revenge. At the time of writing, Bitcoin is trading at $11,863. It has lost 0.73% of its value on the day considering the number-one crypto commenced the session at $11,968. The prevailing trend is strongly bearish, however, with shrinking volatility and it is likely to hold onto the short term support at $11,700.

What to Expect from Bitcoin (BTC)

Looking at the daily chart, the dominant trend is bearish and this highlighted by the technical indicator RSI (14) which may cross below 60-level. Similarly, the 9-day MA is seen moving lower which may cross below 21-day MA. However, sellers have the say at the moment and the most probable direction for Bitcoin (BTC) is downward unless support at $11,700 stays intact and buyers keep their eyes back on $12,000.

Moreover, if the bulls push higher, the first level of resistance is located at $12,200. A sustainable move above $12,200 is needed for the upside to gain traction while the next important resistance may come at $12,500. Further resistance levels could be located around $12,700, $12,900, and $13,100 while the critical supports lie at $11,100, $10,900, and $10,700.

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

Looking at the 4-hour chart, the bears are seen coming back into the market as the 9-day MA crosses below the 21-day MA. The break below this crucial barrier caused it to plunge as low as $11,614, with bulls stepping up and guarding against a decline beneath this level. Meanwhile, unless it recaptures $12,000 in the near-term, the bears could have the upper hand over the bulls, and BTC/USD may soon reel significantly lower.

BTCUSD – 4 Hour Chart

However, any further bearish movements could see the support levels of $11,300 and below. Meanwhile, as the technical indicator RSI (14) moves above 40-level, bullish signals may likely surface to push the price above the moving averages. The resistance levels to watch for are $12,200 and above.

Read next

InsideBitcoins uses cookies to improve and customize your user experience. Learn more

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close