Bitcoin price has been fluctuating downward between the $13,000 resistance level and the $10,000 support level. Will the BTCUSD pair continue the uptrend?
Bitcoin Price Technical Analysis
In retrospect, the price of Bitcoin (BTC) had been fluctuating downward since June 26, after the bulls tested the $13,764 price level. The bulls met resistance twice at the $13,000 level, and the market dropped below the $10,000 level. The bulls made an upward move and were again resisted at the $12,000 resistance level. On August 14, Bitcoin price dropped and tested the $10,000 support level and the bulls made an upward move to retest the previous highs.
At the time of writing, Bitcoin price is trading at $10,100 price level. On the upside, if the bulls break above the 12-day and 26-day EMAs the price will rise and retest the $14,000 price level. On the downside, if the bulls were resisted, the price of Bitcoin will continue its fluctuation between the $10,000 and $12,000 price levels.
In the meantime, BTC price is in the oversold region of the daily stochastic while above the 20% range. This indicates that the price is in a bullish trend and a buy signal.
BTCUSD Price Short-term Analysis
On the 1-hour chart, BTCUSD price is in a bullish trend. The 12 and 26-day EMAs, are sloping in the horizontal direction indicating that the price of BTCUSD is fluctuating horizontally.
BTCUSD price is likely to decline to the low of $8,000 levels if the bears break the lower line of the symmetric triangle. On the other hand, market will rally if the bulls break the upper line of the symmetric triangle.
- Resistance Levels: $12,000, $13,000, $14,000
- Support Levels: $9,000, $8,000, $7,000
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.