Today, Bitcoin has recovered from the downtrend as it found support above $11,400. BTC is trading marginally as it approaches the $11,800 resistance.
Initially, the coin was consolidating between $11,400 and $11,700 as buyers found it difficult to push above the $11,800 resistance. In the previous price action, the coin rebounded above $11,700 before breaking above the $11,800 resistance. A further upward move becomes possible if the bullish momentum is sustained.
Analysts believe that the $12,000 resistance will be tough. Eventually, if buyers scale above it, the price movement will be accelerated. On the upside, buyers are expected to breach the resistance at $12,000 and $12,400 before attaining the first target price of $13,000. Thereafter, BTC will reach another high of $14,500. Today, BTC is hovering above $11,700 as the market pushes to the previous highs.
Bitcoin indicator reading
The price bars are above 26-day EMA as price breaks above the 12-day EMA. BTC will rise as long as the price is above the EMAs. The king coin is also in a bullish momentum as it is above the 25% range of the daily stochastic.
Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7,000, $6,000, $5,000
What is the next direction for BTC/USD?
Bitcoin has resumed uptrend above the $11,400 support. As the selling pressure reaches exhaustion and as buyers emerge, the Fibonacci tool has indicated the next direction of Bitcoin. In the August 17 uptrend, BTC reached $11,400 and was resisted. The retraced candle body tested the 38.2% Fibonacci retracement level. This indicates that the king coin will rise and reach the 2.618 Fibonacci extension level. This is equivalent to $14,500 high.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
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