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Bitcoin Price Analysis Aug 7th, 2019

Over the last 4 hours, Bitcoin has started to trace an uptrend against U.S.Dollar as the coin is again gearing up to cross $12k.

At 07:40 UTC, Bitcoin was hovering around $11500 and it saw a fall near $11453.83. Tracing a low swing there, the coin strongly recovered and reached as high as $11672.11. However, BTC couldn’t move above it and it traced a bearish trendline there.

The coin saw a higher low at $11522.80 and, it seems, BTC has seen another support level there and is rebounding currently. At 11:41:24 UTC, Bitcoin is at $11630.01 after an upward correction. In the last 4 hours, Bitcoin has surged by 0.51%.

  • After yesterday’s massive price pullback, the 4-hourly chart shows a bit positive sign
  • Bitcoin has recently found support at $11552, currently correcting up from there
  • BTC went as high as $11672, but could not clear resistance above

BTC/USD Price Chart

Bitcoin Price Chart

BTC’s current price has just exceeded its 5-day SMA though is 0.64% lower than its 10-day SMA of $11705.58. Bitcoin seems to have formed a decent support level near $11500 and $11600.

Bitcoin Price Prediction & Technical Indicators:

Bitcoin’s technical indicators are manifesting a bullish picture for the coin as RSI of BTC/USD is at 60 and it points out to the upcoming overbought zone. While MACD is volatile enough and is in the bullish zone, though is heading for a bearish crossover. Bitcoin may see major resistance at $12,071.08 and support level at $11,087.99.

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