Search Inside Bitcoins

Bitcoin Price Prediction: BTC/USD Reclaims $11,500; a Bullish Confirmation?

Bitcoin (BTC) Price Prediction – August 29

BTC/USD could be treated to a relatively smooth ride above towards $12,000 as long as the hurdle at $11,800 is overcome.

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

Key levels:

Resistance Levels: $12,300, $12,500, $12,700

Support Levels: $10,800, $10,600, $10,400

BTCUSD – Daily Chart

BTC/USD started today’s trading with a short-term upside correction from the $11,477 level of support as it manages to climb to $11,500. The top crypto even managed to form a high near $11,580 before facing some resistance that resulted in a slight downtrend. At the time of writing this article, Bitcoin is trading at $11,456.

What Traders May Expect from Bitcoin (BTC) Today

The daily chart reveals that the Bitcoin bulls are now facing a major hurdle near $11,600, and a close above this crucial level is a must to increase the chances of a fresh uptick. A recovery above $11,600 could see the Bitcoin price attempt an upside break towards $11,800 in the near term.

On the contrary, if the world’s leading digital asset fails to continue higher above the $11,500, there could be another bearish reaction that may drive BTC back towards the $11,200 level of support. Any further bearish movement could lead to the critical supports at $10,800, $10,600, and $10,400 respectively.

A couple of days ago, Bitcoin (BTC) bottomed at $11,125 and resumed the recovery towards $11,500. Presently, BTC/USD is changing hands at $11,456, having gained nearly 0.1% on a day-to-day basis. While the critical resistance remains unbroken, the upside momentum may gain traction later during the day as the coin could move within a strong bullish trend to meet the potential resistance at $12,300, $12,500, and $12,700 as the RSI (14) moves around 52-level.

BTC/USD Medium – Term Trend: Bearish (4H Chart)

On the 4-hour chart, a retest of $11,500 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 $11,600.

BTCUSD – 4 Hour Chart

In a short time, BTC/USD may hit $11,800 and above if the bullish pressure continues. Otherwise, the price may plummet to $11,350 and below. The RSI (14) is seen nose-diving below 55-level which may send the market in a bearish scenario.

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