Bitcoin Price Analysis: BTC Groped With Uncertainty as $9,000 Remains In danger

Breaking – Bitcoin Jumps Over $11800 Within Few Hours, Will it Touch $12k Soon. 

Bitcoin Price Analysis: BTC Groped With Uncertainty as $9,000 Remains In danger

  • Bitcoin likely to record the third monthly loss in the entire 2019.
  • Bitcoin technical picture is slightly bullish but the trend must finish the leg above $9,800 to unlock the energy to jump above $10,000.

Bitcoin remains on track to test $9,000 after falling off a narrowing range earlier this week. The granddaddy of cryptocurrencies is on its way to post a third monthly loss in 2019 following a considerable drop throughout August. Bitcoin is teetering around $9,587 at the time of writing. BTC opened the trading on August 1 around $ 10,077.44 representing a 4.8% loss.

In the event reversal lags until Saturday, this will be the third month Bitcoin is closing at a loss. January saw Bitcoin loss 7.59% of its value while in July Bitcoin posted a 6.27% decline. For five months in a row, Bitcoin posted a winning streak that ended in July.

Bitcoin Price Technical Picture

Bitcoin needs to rise by roughly $493 to correct the negative divergence to avoid closing August in losses. Bitcoin has had massive reversals in the past, therefore, the chance of Bitcoin closing in on $10,077.44 cannot be ruled out.

BTC/USD 1-hour Chart

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

However, the prevailing technical picture shows the buyers fighting to get back in action after a two-day battering. BTC already stepped away from the key support at $9,300 and cleared the descending trendline resistance.

A remarkable boost propelled Bitcoin above $9,500. Also, BTC/USD is on an assault mission on $9,600. Correction above this level will encounter resistance at the 50 Simple Moving Average (SMA) currently at $9,629.34.

From a technical perspective, the recovery is likely to last longer and surge towards the completion of the leg to $9,800. Supporting the buyers is the up trending Relative Strength Index (RSI). The Moving Average Convergence Divergence (MACD) is heading towards the positive region and its bullish divergence suggests increasing buying pressure.

Bitcoin Key Technical Levels

Spot rate: $9,587

Relative change: +94.229

Open: $9,490.88

High: $9,627.87

Low: $9,344.91

Trend: Bearish

 

Summary
Bitcoin Price Analysis: BTC Groped With Uncertainty as $9,000 Remains In danger
Article Name
Bitcoin Price Analysis: BTC Groped With Uncertainty as $9,000 Remains In danger
Description
Bitcoin likely to record the third monthly loss in the entire 2019. Bitcoin technical picture is slightly bullish but the trend must finish the leg above $9,800 to unlock the energy to jump above $10,000.
Author
Publisher Name
Coingape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: John Isige

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

Post your comment...
John Isige 206 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

Follow John @