Bitcoin Price Prediction for August 2019

Bitcoin Price Prediction for August 2019

The break above $11,000 has not confirmed that this market is indeed bullish. A 10% increase in 24 hours is a serious price rise which will be difficult to continue at the same pace. However, if the buyers do continue to push BTC higher, the next level of resistance is located at the $12,000 level. "Bitcoin Price Prediction for August 2019"

Bitcoin Price Prediction for August 2019

Above $12,000, further resistance is then located at the short term 1.272 Fibonacci Extension level (drawn in blue) priced at $12,173. This is then followed up with resistance at $12,500 and then at the short term 1.414 Fibonacci Extension level at $12,701.

If the bullish surge continues to drive Bitcoin above the $13,000 level, further resistance is then expected at $13,200 and then at $13,455, a very strong resistance provided by the long term bearish .618 Fibonacci Retracement level (drawn in red). This will be considered the next level of major resistance. However, if the bullish momentum can continue in the same manner as seen today, it is entirely possible Bitcoin will simply slice through this level.

What If The Bears Regroup And Push The Market Lower?

Alternatively, if the bears start to push the market lower, we can expect a small retracement to form, especially considering the parabolic nature of the recent surge. In this case, we can expect immediate support at $11,473. This is followed up with more support at $11,000, $10,682, $10,000 and $9,477.

What Are The Technical Indicators Reading?

The RSI has powered well above the 50 level as the bulls regain complete control over the market momentum. However, the Stochastic RSI is showing signs of possible exhaustion as it trades in overbought areas. We have to be very careful about analyzing this reading since the Stochastic RSI was also reading overbought in mid-June but this did not stop Bitcoin from rising much further higher before the bearish crossover signal formed.

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1 Comments

  1. Check back in august in last 5 years, and you will see the future trend. 15 august to 15 september is dumping price period. Big discounts for BTC and cryptos

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