Bitcoin Price Analysis: BTC ‘Buying The Dip’ Zone Is $8,900-9,100

Published August 22, 2019 | Updated August 22, 2019

bitcoin price

Bitcoin Price Analysis: BTC ‘Buying The Dip’ Zone Is $8,900-9,100

  • Bitcoin is likely send the entire market into a repeat of November 2018 downtrend.
  • Bitcoin price is still fighting a rising wedge and it’s not doing a good job holding above key support areas.

Bitcoin is lethargic around $10,000 in the wake of the drop from $11,000. The largest cryptocurrency carries most of the weight of the market. In fact, a new research publish by Forbes claims BTC dominance is at a colossal 90%. Therefore, supported by the momentum of the fall from the weekly high at $10,953, Bitcoin is likely send the entire market into a repeat of November 2018.

Meanwhile, attempts to sustain recover above $10,000 continue to frustrate the bulls as Bitcoin price keeps sliding into the $9,900 range. For now, there is a visible correction as Bitcoin exchanges hands at $10,036. It is vital that the retracement continues above the critical $10,200. The move will definitely rejuvenate the buyers who have since disappeared into hibernation.

BTC/USD 4-Hour Chart

BTC/USD price chart
BTC/USD price chart by Tradingview

The 4-hour chart shows Bitcoin still clinging on to the bearish momentum. Despite this, observed is a shallow recovery from the intraday low at $9,950. The Moving Average Convergence Divergence (MACD) has a negative divergence. Besides, the indicator has a negative gradient with the over.

On the contrary, the Relative Strength Index shows that the prevailing bullish momentum is backed by some solidly growing strength. For instance, from levels close to 30, the RSI is gradually slopping upwards above 40. If the correction continues above the average, Bitcoin is likely to break above $10,100 and allow the bulls to focus on $10,200.

In spite all the technicals, a popular Bitcoin trader and analyst, Jacob Canfield outlines that Bitcoin will still gravitate lower. According to him, Bitcoin price is still fighting a rising wedge and it’s not doing a good job holding above key support areas. He predicts a possible buy zone to be between $8,900 and $9,100.

Bitcoin Key Technical Levels

Spot rate: $10,034

Open: $10,127

Low: $9,950

High: $10,146.66

Trend: Bullish

Key support $

Disclaimer
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 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

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John Isige 993 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
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