Cryptocurrency Analysis

[IFX_Selena]

BITCOIN likely to break above $13,800
05 August 2019

Bitcoin managed to break above the corrective range below $11,000 area and pushed higher above $11,500. It is expected to break above the previous high of $13,800 area in the coming days.

Certain speculation about Bitcoin is indicating the price to push higher towards $15,000 soon, though a surge from below $11,000 to over $15,000 seems somewhat farfetched, it may actually be quite plausible while considering the bullish technical formations Bitcoin has been incurring. In the past two days, there was a steady rise above $10,500 in bitcoin price above $10,000 against the US dollar. Bitcoin settled above the $11,000-500 resistance area.

It is currently observed that this recent recovery was somewhat triggered by recently-published tweets from Donald Trump about the China trade war. In fact, the latest leg higher coincided with the release of one tweet that also sent gold, the Japanese Yen, and the Swiss franc higher.


TECHNICAL OVERVIEW:
The price is expected to retrace back to $11,500 area before pushing back higher with a non-volatile bullish trend. As the dynamic levels are a bit far from the current price tick area, so mean reversion towards the dynamic level is expected in the coming days before the bullish trend continues to break resistance to reach $15,000 in the coming days. MACD has no signs of Bearish Divergence. It indicates that Bitcoin is unlikely to counter this strong bullish trend. Hence, the price may dip lower again.

TECHNICAL LEVELS:

SUPPORT- 10000, 10500, 11000, 11500

RESISTANCE- 12000, 12500, 13250, 13800

BIAS- Bullish

MOMENTUM- Non-Volatile





Performed by Rocky Yaman
Analytical expert
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