Bitcoin (BTC) Created a Mirage While it Surged; Currently Trades Even Below $11,400

  • Bitcoin trades below the psychological support level of $11,500.
  • Bitcoin created a mirage image while it was trading beyond $12,000.
  • Bitcoin even trades as low as $11,141.75 in the past 24 hours.

Bitcoin trades within the range of $11,100 to $11,500. Nevertheless, Bitcoin has not yet slipped below $11,000 and is still in the loop of making a bounce back. BTC price hovers around $11,400 and may take time to persistently trade above $12,000. However, as per Bitcoin price prediction, it is expected to trade around above $12000 in the near future.

BTC to USD Price Chart:

Bitcoin Price Prediction

BTC to USD Price Comparison:

As observed from the above 1-day chart, Bitcoin currently trades at $11,390.95 at 06:01 UTC as on 12th August. The chart exhibits the trading trend of the coin, which shows that it is keeping it lowly volatile. In the past 24 hours, the coin has traded as low as $11,141.75 and as high as $11,562.00. The current trading price is 1.47% less and 2.23% more than the respective high and low trading price of the past 24 hours. The trend appears all flat with a lower dip and the upper bump. However, the price is facing major resistance at $11,600 and $11,900 to breach $12,000 and beyond.

Technical Indicators and BTC Price Prediction:

The coin’s price is still above its 50-day EMA ($10,522.56) and 50-day SMA ($10,962.10).

The MACD of the coin appears to be bearish with a negative outlook as the signal line crosses the MACD line and also exhibits volatility.

The RSI is well above 40 and shows no extremities.

If the coin improves its trading momentum and trades persistently beyond $12,000 in the upcoming weeks or by the end of the month, then as per Bitcoin price prediction, it is expected to trade around $15,000 to $12,000 by the end of 2019.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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