Bitcoin Price Forecast: Why BTC/USD Is Stalling Despite Reclaiming $11,600 Support?
- Bitcoin bulls are having a hard time building upon the ascending channel support.
- BTC/USD is holding above the 50 SMA support amid the bulls’ desire to keep the price above $11,600.
Bitcoin continues to struggle with reclaiming the lost ground above $12,000. In fact, the weekend session saw the bearish dominance strengthen, sending BTC towards $11,000. Support at $10,500 failed to hold just like the support at $11,400. Bitcoin traded a weekly low at $11,369.82 (on Coinbase).
Recovery has occurred above $11,600, however, BTC bulls are having a hard time building the momentum towards $12,000. Most analysts believed with the price above $11,600, Bitcoin would have a clear path towards $12,000.
Related reading: Bitcoin [BTC] Futures Open Interest Reaches All-Time High Above $5 Billion
BTC/USD 1-hour chart
For now, Bitcoin is trading at $11,632 while dealing with a retreat from the 100 Simple Moving Average (SMA). The downtrend is emphasized by the Relative Strength Index (RSI) as it spirals towards the midline. At the same time, the Moving Average Convergence Divergence (MACD) is stuck below the mean line (0.00), in a way cementing the domineering position of the sellers in the market.
On the downside, Bitcoin is embracing support at the 50 SMA in the 1-hour range. Note that, if the bearish leg extends below the moving average support, BTC/USD would eventually dive under $11,400 in a bid to retest support at $11,200. Besides, $11,000 is still within reach, however, to trade this move, you must be careful (check volume indicator). On the upside, a confirmed price action above $11,800 would hint the growing potential for hitting levels $12,000.
Read more: Bitcoin Price Prediction: BTC/USD Leg Up Eyes $13,000 For The Weekend But There Is A Catch
Bitcoin Intraday Levels
Spot rate: $11,627
Relative change: -22
Percentage change: -0.19
Trend: Short term bearish bias
Volatility: Low
BTC/USD is holding above the 50 SMA support amid the bulls’ desire to keep the price above $11,600.
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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 Mon, 24 Aug 2020 02:01:16 +0000
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