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Bitcoin Price Prediction: BTC/USD Rebounds, Is $12,000 Coming Back?

Bitcoin (BTC) Price Prediction – August 19

Bitcoin (BTC) is seeing a glimpse of hope today with a decent 0.40% price increase climbing above $11,800.

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

Key levels:

Resistance Levels: $12,600, $12,800, $13,000

Support Levels: $11,000, $10,800, $10,600

BTCUSD – Daily Chart

BTC/USD is trading at $11,805 after a significant rejection from $12,409 a few days ago. Bears have not gotten a lot of continuation just yet as Bitcoin is seeing some support from the daily below the 9-day moving average at $11,733. More so, Bitcoin bulls are hoping to defend the daily 9-day MA and to bounce back up above $12,000.

Would Bitcoin (BTC) Go up or Down?

In spite of the hurdle at $11,800 and the on-going rebounds, all is not lost for the bulls because the technical indicator is holding within the positive region and the signal line is about to cross above the 60-level once again. Besides, bulls have eyes on the prize at $12,000 and, therefore, will not relent in the push for gains above this crucial level.

However, the Bitcoin bulls need to see a strong move and continuation towards the crucial resistance level of $12,000 to be confident in the short-term. The last low of the daily uptrend is $11,733, which could act as a support level. On the other hand, if the daily price closes above $12,200, a movement to $12,600, $12,800, and $13,000 resistance levels may likely come into focus, else the coin might drop below the moving averages to see the critical supports at $11,000, $10,800, and $10,600 respectively.

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

Looking at the 4-hour chart, BTC/USD is currently moving around $11,818 below the 9-day and 21-day moving averages after a rebound from $11,572. Meanwhile, the 4-hour chart reveals that the bullish supply is coming up slowly in the market while the bears are also trying to drag the price down.

BTCUSD – 4 Hour Chart

If the buyers could put more effort, they can further push the price above the moving averages. Therefore, breaking this barrier could test the resistance level of $12,200 and above. More so, the RSI (14) is seen recovery above 45-level, any bearish movements may drag the coin to the supports at $11,400 and below.

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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.