BITCOIN (BTC/USD) Price May Retest the Resistance Level of $12,951
The price is currently heading towards the resistance level of $12,951
Published on Thursday August 8, 2019
BITCOIN (BTC) Price Analysis – August 08
BTC/USD MEDIUM-TERM TREND: BULLISH
Resistance Level: $12,951, $14,534, $16,023
Support Level: $10,900, $10,171, $8,884
Bitcoin price is bullish on the medium-term outlook. The Bitcoin was bearish last week. The support level of $8,884 was touched and the market closed below the support level of $10,171. On July 31, Bitcoin price broke up the confluence at the former resistance level of $10,171 and rallied towards the resistance level of $10,900. The just mentioned level broke up by the bullish pressure. The price is currently heading towards the resistance level of $12,951
The crypto increased its momentum and maintains the trade above the two EMAs; that is the coin is trading above 21 periods EMA and 50 periods EMA, the two EMAs are bending towards the direction of the price action, which indicates that the Bulls are controlling the market. However, the Stochastic Oscillator period 14 is at 80 levels and the signal lines bending down to indicate that the Bears may take over the market soon.
The crypto is heading towards the resistance level of $12,951 and the level may be retested in case the Bulls increase their momentum, however, pullback is inevitable. Should the Bulls’ momentum become weak, the price may consolidate for short period.
BTCUSD Short-term Trend: Bullish
BTCUSD is Bullish on the short-term outlook. The Bulls maintain their momentum on the 4-hour chart. Increased in the Bulls’ momentum has led to the breakup of the former resistance levels of $10,171 and $10,900. The crypto is currently experiencing sideways movement towards the resistance level of $12,951.
The 21 period EMA has crossed the 50 periods EMA upside and the coin is trading above the 21 periods EMA and 50 periods EMA. The Stochastic Oscillator period 14 is at 40 levels with the signal lines pointing down to indicate a sell signal.