Bitcoin Price Forecast: BTC/USD Bulls Set Eyes On The Prize As $12,000 Beckons
- Bitcoin recovers from the dip to n$11,100 but hits a wall at $11,800.
- BTC/USD is likely to embrace support at the 61.8% Fibonacci level and relaunch the mission to rise above $12,000.
Bitcoin price has shown resilience since the beginning of the week. This week started with action above $12,000 but BTC hit a wall at $12,084 (on Coinbase). A reversal took over with the price making haste into the $11,000’s range. Struggle to hold closer to the critical level at $12,000 lost traction with the largest cryptocurrency pulling the entire market into a fresh selloff. BTC/USD explored levels close to $11,000 but support at $11,100 gave the bulls a fighting chance for a reversal.
Recovery in the last 24 hours has been steady and consistent except for the fact that selling pressure is present. For instance, Bitcoin pushed above $11,500 and the resistance at $11,600 but could not rise past the seller congestion at $11,800.
At the time of writing, BTC is teetering at $11,761 amid a continuing retreat from $11,800 (immediate resistance). The Relative Strength Index (RSI) signals that selling activities may gain traction in the current and upcoming sessions.
Related reading: Bitcoin [BTC] at the Cusp of a Mega Bull-Phase: Leading Analyst
BTC/USD 1-hour chart
Initial support is envisioned at the 61.8% Fibonacci resistance level, taken between the last swing high of $12,084 to a swing low of $11,120. If this support is shattered, investors can expect a breakdown retesting $11,600 (50% Fibonacci level). Other support levels to keep in mind include the 100 SMA at $11,643 and the 50 SMA at $11,532.
In spite of the hurdle at $11,800 and the ongoing retreat, all is not lost for the bulls because the MACD is holding within the positive region. Besides, bulls have eyes on the prize at $12,000 and, therefore, will not relent in the push for gains above this crucial level.
Read more: Bitcoin Price Forecast: BTC/USD Back To The Drawing Board? Could Retest $11,000 Before Attacking $12,000 Again
Bitcoin Intraday Levels
Spot rate: $11,755
Relative change: -46.71
Percentage change: -0.37
Trend: Bearish bias
Volatility: Low
BTC/USD is likely to embrace support at the 61.8% Fibonacci level and relaunch the mission to rise above $12,000.
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Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Published at Fri, 14 Aug 2020 03:12:43 +0000
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