Cryptocurrency Analysis

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Analysis of Bitcoin for August 1, 2019: price to push above $10,000 despite USD strength?

The month of August started with the strong US dollar which gained ground against several FX pairs but could not get the upper hand against bitcoin. The cryptocurrency managed to sustain the bullish momentum while residing at the edge of $10,000 area with a daily close.

After over a week of a lull on the market, BTC managed to shrug off the bearish pressure. After failing to break $9,700 multiple times, bitcoin has ticked towards $10,000 recently. It was quite a surprise for traders as there was no positive news about the cryptocurrency industry released during this time, making this surge more confusing. Interestingly, it's a bit of a mixed bag, despite the fact that bitcoin reclaiming the auspicious $10,000 price point is quite notable.

Bitcoin and other cryptocurrencies has gathered bullish momentum recently that allowed them to climb significantly higher but not as impulsively as earlier. These upward moves came about after a long period of downwards pressure that had jeopardized the upward trend that had been formed throughout the first half of 2019. Although the general market sentiment was bearish, with many analysts anticipating a movement to $8,800, some analysts warn that this newfound bullishness could be a trap.

As of the current scenario, bitcoin is expected to continue pushing higher despite the fact that the price may throwback below $10,000 again. The daily close above $11,000 may lead the cryptocurrency higher in the coming days. As the price remains above $9,000 area, the bullish bias is expected to continue.


TECHNICAL OVERVIEW:
The price is currently being held by the dynamic levels as support whereas rejecting off the $10,000 injected certain bearish pressure in the process. The price is residing above the Kumo Cloud but not quite satisfactory with the current corrective momentum, remaining below $10,000 area with a daily close. As long as the price remains above $9,000 area, the bullish bias is expected to continue.


TECHNICAL LEVELS:

SUPPORT- 9,000, 9,400, 9,500, 9,800

RESISTANCE- 10,000, 10,500, 11,000, 11,500

BIAS- Bullish

MOMENTUM- Volatile





Performed by Rocky Yaman
Analytical expert
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