Bitcoin Price Forecast: Is This BTC/USD Ultimate Ticket To $12,000?

By John Isige
Published August 28, 2020 Updated August 28, 2020
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Bitcoin Price Forecast: Is This BTC/USD Ultimate Ticket To $12,000?

By John Isige
Published August 28, 2020 Updated August 28, 2020
  • Bitcoin falls back to $11,300 but creates fresh demand for the ultimate lift-off to $12,000.
  • BTC/USD is battling the seller congestion at the 50 SMA ahead of another breakout above a descending trendline resistance.

Bitcoin slumped towards $11,000 once again as predicted on Thursday. The dive back to the drawing board occurred following BTC’s failure to contain accrued gains above $11,500. The reversal failed to find support at $11,400, forcing Bitcoin farther down. The price retested support at $11,100, in turn, forming a double-top pattern.

A double-top pattern is a typical textbook trading pattern used in technical analysis to signal a reversal from a downtrend. The two bottom prices highlight the strong support which later lead a bounce upwards just like the one on BTC/USD 1-hour chart.

At the time of writing, Bitcoin has scaled several resistance including $11,200 and $11,300. The largest crypto is doddering at $11,374 while battling a seller congestion brought about by the presence of the 50 Simple Moving Average (SMA) at $11,375

Related reading: Bitcoin Price Analysis: BTC/USD Stalls Under The 50% Fibonacci Levels, What To Expect?

BTC/USD 1-hour chart

BTC/USD price chart
BTC/USD price chart by Treadingview

Besides the double-bottom pattern, Bitcoin is gradually falling back into the hands of the bulls as highlighted by the Moving Average Convergence Divergence (MACD). The minor bullish divergence from the MACD hints that the price has an inclination to the north in the short term. The recovery is also reflected by the RSI’s movement from levels close 30 to the current 52.19.

There is a possibility of Bitcoin taking on sideways trading if the RSI holds above the midline while movement to let’s say 60 is capped. Consolidation is not necessarily a bad thing as it would buyers ample time to gather the strength needed to overcome resistances at $11,600, $11,800 and the ultimate $11,800.

Bitcoin Intraday Levels

Spot rate: $11,375

Relative change: 46.42

Percentage change: 0.41%

Trend: Short bullish bias

Volatility: Expanding

Read more: Bitcoin Technical Analysis: BTC/USD Plummets To $11,100, Is This The End Of The Rally?



The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1164 Articles
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