- Bitcoin price hope of trading at its all-time high around $20,000 is 93% unlikely in 2019.
- Bitcoin buyers must fight to defend $10,000 or $9,800 to avoid losses towards $9,000 key support.
Bitcoin price is currently narrowing towards the critical $10,000 level. However, market forecast shows that that the grandparent of cryptos has a 7% chance of catapulting to $20,000. The forecast data was shared on Twitter analyst referred to as Skew. The data shows that the capacity of Bitcoin to rise to levels around its all-time high is dwindling.
Options backed probability of bitcoin closing > 20k by YE gradually eroding with the passage of time – now @ 7%
October should be the most interesting month for bitcoin with two ETF applications under review by the SEC pic.twitter.com/MKWEKc3IdY
— skew (@skew_markets) August 26, 2019
BTC/USD Technical Levels
Bitcoin daily chart displays an asset that is thinning towards a key support area. Rejection from the psychological level at $12,000 saw BTC explore levels under $10,000 over the last two weeks. The reversal staged from Friday unfortunately lost steam shy of $10,700. Retreat from the weekly high is seeking balance above $10,000.
BTC/USD Daily Chart
Moreover, the price is holding above the 100-day moving average currently at $10,000. Bitcoin’s technical picture has a bearish bias. The Moving Average Convergence Divergence (MACD) is grinding into the negative region after a break above +400 failed mid-August.
The trend observed with the Relative Strength Index (RSI) suggest that the bearish momentum has strength. A lower low pattern means that sellers have a stronger grip. As long as the RSI stays below the average, Bitcoin price will have limited action to the upside.
If the 100-day Moving Average support fails to hold, traders’ eyes will focus on $9,800. Further breakdown, could find cushion between $9,400 and $9,600. The major support at $9,000 stands to be tested. Besides, some analysts believe the ‘buy zone’ to be in a range between $8,900 and $9,100.
Bitcoin Technical Levels
Spot rate: $10,150
Relative change: -210
Trend: Strongly bearish
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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