Bitcoin Technical Analysis: BTC/USD Unable To Break $12k Resistance But PlanB Believes $20,000 Is Nigh
- Bitcoin bulls rush to secure the tentative support at $11,800 following another rejection from $12,000.
- Plan B believes Bitcoin’s next bullish target is 2017’s all-time high.
Bitcoin price action has been mundane mainly because it was not been able to overcome the seller congestions at $12,000. There was a brief recovery over the weekend supported by the support established at the 61.8% Fibonacci retracement level taken between the last swing high of $12,084 to a swing low of $11,120. While the momentum stepped above $11,900, Bitcoin traded a weekend high of $11,945 before embarking on the ongoing retreat.
At the time of writing, Bitcoin is trading at $11,819. The hunt for higher support as begun, preferably $11,800. The Relative Strength Index (RSI) is also in the middle of a retreat from the weekend high at 57. If the movement under the midline continues and the RSI draws nearer to 30 (oversold), we can expect BTC/USD to extend the bearish leg under $11,800.
Read more: Why Bitcoin [BTC] Price May Surge In Early September 2020?
BTC/USD 1-hour chart
However, consolidation is also likely to take place, especially with the MACD clinging to the midline (0.00). A sideways trading price action would be welcomed by the bulls because it gives them ample time to secure formidable support areas while concentrating on the next rally towards above $12,000.
According to Plan B, a pseudonymous analyst the stock-to-flow (S2F) model shows that Bitcoin is still in a bullish phase and that the next target from the current price action is 2017 all-time high close to $20,000. For now, all the attention is channeled towards establishing a formidable higher support area and overcoming the hurdle at $12,000.
Bitcoin Intraday Levels
Spot rate: $11,851
Relative change: -67
Percentage change: -0.56
Trend: Bearish
Volatility: High
Read more: Top 5 Peer-to-Peer (P2P) Bitcoin Exchanges In India
Plan B believes Bitcoin’s next bullish target is 2017’s all-time high.
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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, 17 Aug 2020 02:01:57 +0000
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