Bitcoin Price Analysis: The Market Is Dipping As Bears Usher BTC Price to Go Below $10,500

Bitcoin Price Analysis (BTC) – August 15

The price of Bitcoin has long been subject to a bearish impact. It continued yesterday when the coin fell below $11,000.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:
Supply Levels: $12,500, $12,000 $11,500
Demand Levels: $8,500, $8,000, $7,500

BTCUSD – Daily Chart

Bitcoin price sees the major price fall over a day and it has stepped down well below $11,000. The coin has even broken below $10,500, recently possessed price range above $10,100 level. Looking at the chart, the price has crossed below the 21-day moving average and then formed support level near $9,900. The price is currently changing hands at $10,196 as at the time of writing.

The markets were rather boring, as the price was consolidating between $10,200 to $10,500 accompanied by low trading volumes as revealed on the chart. RSI for the coin is heading to level 40 to indicate an oversold momentum. BTC/USD may see resistance levels at $12,500, $13,000 and $13,500 while the supports are $8,500, $8,000 and $7,500.

BTC/USD Medium-term Trend: Bearish (4H Chart)

Bitcoin (BTC) has finally demolished all expectations of a price recovery anytime soon by falling below $10,000. After touching the new low of $9,500, the price is currently trading near $9,960 level. With the latest downward price swings, the coin could not show any significant signs of growth over the last 24 hours. On the upside, the next level of resistance to watch out for lies at $11,000 and above.

BTCUSD – 4 Hour Chart

However, BTC couldn’t fight the resistance as it continued the downward movement. Overwhelming selling pressure pushed Bitcoin off-balance as it plunged under $10,000. The price thrust through the $9,990 support area. Moreover, BTC/USD smashed past $9,980 before forming a new low at $9,955 as at the time of writing. A significant drop below this support may cause new technical support at $9,000 and $8,500 respectively. The Moving Average Convergence Divergence (MACD) for BTC/USD on the hourly chart is sending out negative signals.

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Azeez M. Mustapha

Azeez M. Mustapha

Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management.

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