In today’s Bitcoin analysis, BTC’s found resistance around $12,300 psychological resistance area. Will bears restart momentum? What are the charts and technical indicators are saying? Read on to find further insights into today’s BTC/USD Technical Analysis.
August 19, 2020, | AtoZ Markets – Bitcoin is currently trading around $11,760 area and trying to decline. After breaking above $10,300 area, the bulls pushed the price higher aggressively and hit the key resistance level. As per the current price action, BTC may revert back to the mean in the coming days.
In addition, Bitcoin’s grounding fundamental power has been shaping a convincing case that upward might be forthcoming for the cryptocurrency. This basic power can be seen on numerous fronts, with the cryptocurrency’s market wellbeing becoming because of spikes in the BTC’s liquidity just as its investor psychology. However, one on-chain tool that inspects the benefit of Bitcoin investors is presently flagging that the benchmark digital asset may have a huge space for development in the close term.
Bitcoin Technical Analysis – BTC Found Resistance After Hitting the Key Level
BTC is currently residing near $11,760 area and trying to push downward. The price also broke below the Bollinger Bands middle band on the intraday chart.
Image: Bitcoin 4 Hour Chart
According to the 4-hour chart, Bitcoin found resistance and currently trading around $11,760 area. As per the current scenario, if the price reaches $11,400 area and bounces higher, the bulls may recover higher towards $12,300 area again in the days ahead. Alternatively, if the price broke below the uptrend line and had an impulsive bearish close below $11,100 area, the bears may push the price downside towards $10,300 area in the coming days.
In addition, the dynamic level of 20 EMA is currently residing above the price. Along with the Bollinger Bands upper band and middle band. The dynamic level may act as strong resistance and push the price down. Besides, the Bollinger Bands’ upper and middle bands may work as a confluence of the dynamic level. However, if the price breaks below the Bollinger Bands’ lower band, the bears may decline further in the process.
BTC Bulls to Reach 2019’s Highest Pick
According to the daily chart, Bitcoin price found resistance and currently residing near $11,760 area. As per the current price action, if the price pushes down towards $11,400 area and bounces higher with an impulsive daily bullish candle close, the bulls may sustain the bullish trend towards $12,300 area as a first target. The second target will be $13,800 if the price breaks above $12,300 in the coming days. In contrast, if the price breaks below $11,100 with a daily bearish candle close, the bears may push the price down towards $10,300 area in the days ahead.
Image: Bitcoin Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing below the price, which may act as strong support in the coming days. Also, the MACD lines are currently residing above the 0.00 level. It indicates that bulls are still holding the bullish momentum may continue higher.
To conclude today’s Bitcoin technical analysis, BTC bullish trend is still quite strong may take short retracement towards the dynamic level. A daily close is required to identify the definite momentum in the days ahead.