- 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