Bitcoin
BTC$43 122.17

0.96%

Ethereum
ETH$2 962.21

0.70%

Cardano
ADA$2.26

-3.91%

Tether
USDT$1.000745

-0.03%

Binance Coin
BNB$340.66

-3.81%

XRP
XRP$0.936744

-0.87%

The Price of Bitcoin Is Facing Its Final Resistance Zone Before $15K


08 Aug 2020   #Bitcoin

The price of Bitcoin has successfully tested a new support zone before the weekend but will it be enough to finally push above $12,000? The price of Bitcoin (BTC) is facing its final resistance zone until the bull market is on fire. However, will it break through this resistance zone in one attempt? The charts suggest that the $11,600-12,000 area is a crucial level to break if the price of BTC is to continue moving higher. 

As the price of Bitcoin couldn’t break through that resistance zone, a slight drop occurred on Friday from $11,900 to $11,350, after which BTC has managed to pare most of the losses since.

Bitcoin faces resistance at $11,800-12,000 


BTC/USD is still fighting at the resistance zone at $11,800-12,000. Unfortunately, no breakout just yet, while silver and gold have been showing more strength recently. There’s a clear resistance zone at $11,800-12,000. This is a significant level as it is the final untested level until Bitcoin enters open air.

If there’s a breakthrough in this resistance zone, Bitcoin’s price can easily run toward $15,000-16,000. Such a run would only increase the FOMO, or fear of missing out, in the markets. However, such a run is currently unlikely, especially given the recent breakout at $10,000. 

In other words, as Bitcoin’s price went vertical since $9,500 toward $12,000, a breakout above this resistance becomes less likely as there’s no buildup. If an asset wants to break through such a significant resistance, it usually tests the level multiple times before it breaks through.

For example, the consolidation period (similar to the months after the recent Bitcoin halving) resulted in the strength and momentum that finally pushed BTC/USD above $10,000. Nevertheless, a breakout above the resistance zone at $11,800-12,000 is not entirely out of the question.

Smaller timeframes did hold the $11,400 level and face resistance


As Bitcoin’s price dropped from $11,900 to $11,400 last Friday, the previous resistance zone at $11,400 was confirmed as a support level. Such a test is called a support/resistance flip and is very common across markets.

Either way, the volatility will kick in once Bitcoin’s price breaks through either of the two zones. If Bitcoin’s price breaks through the resistance zones, continuation is likely toward $15,000. However, if the opposite occurs and Bitcoin’s price loses $11,300, a drop toward $10,700 will be the next level to test.

Total crypto market cap faces $350 billion resistance


The total market capitalization of crypto is facing significant resistance, confluent with the resistance of Bitcoin with $350 billion being the final major hurdle before a move of 30% to $500 billion can occur. 

The chart also shows that the total market capitalization is still acting above the 100-day and 200-day moving averages (MAs), a crucial signal for bull markets. If the market capitalization moves above these MAs, the market is in bull territory, and dips should be considered as buying opportunities.

Essentially, the previous resistance zone at $290 billion is the crucial level to hold. As long as the total market capitalization of crypto stays above $290 billion, further upward momentum is likely.

The bullish scenario for Bitcoin 


Breaking $12,000 underpins the bullish scenario. If the resistance area finally breaks as resistance, $15,000 then becomes a likely target for the bulls. 

However, a clear breakout through the $12,000 area can only be confirmed with a support/resistance flip. This would suggest that buyers are stepping in as the previous resistance transforms into new support. 

The bearish scenario for Bitcoin 


The bearish scenario means that $12,000 was not broken. If the resistance continues to be resistance, a renewed range-bound structure will likely occur in the coming weeks. 

Another argument can be found in the forex markets. The recent breakout of Bitcoin occurred while EUR/USD broke upwards from 1.14 to 1.19. This breakout led to a drop of the USD against other currencies, which essentially triggered the massive breakouts in Bitcoin, gold, and silver prices. 

If EUR/USD starts to correct from 1.19 to lower numbers, the USD is getting stronger. Such a relief bounce will most likely trigger a further corrective move on the crypto and commodity markets, leading toward the scenario described above. 

A range-bound period wouldn’t be bad for the markets, however, as altcoins have been doing relatively well in these times. If Bitcoin’s price starts to correct, the focus could once again shift to altcoins. 

Source


Related

Bitcoin bulls make a run on $45K after Twitter debuts crypto tipping
Buyers have returned to cryptocurrencies
FBS Launches New Crypto Account with 100+ New Instruments
Bitcoin in good shape as long as BTC price stays above $40K
Is it a Buy-the-dip moment for crypto?
Bitcoin bounces to $43K ahead of fresh crypto comments from SEC Chair Gensler
Bitcoin loses $44K support as stocks, Evergrande nerves hit BTC price
Cryptocurrency market rebound dries up, alarmingly recalling 2018
Bitcoin sees quite healthy consolidation on $200M BTC options expiry day

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 82.8% 35 $43 122.17 0.96% -10.21% $811 845 197 142 $32 979 366 396
2 Ethereum (ETH) ETH Ethereum predictions 72.8% 49 $2 962.21 0.70% -13.01% $348 594 526 258 $21 804 823 841
3 Cardano (ADA) ADA Cardano predictions 62% 80 $2.26 -3.91% -4.61% $72 247 803 034 $5 934 309 942
4 Tether (USDT) USDT Tether predictions 90.8% 1 $1.000745 -0.03% 0.18% $68 594 041 542 $78 531 944 846
5 Binance Coin (BNB) BNB Binance Coin predictions 67.6% 69 $340.66 -3.81% -16.81% $57 277 129 248 $1 824 922 046
6 XRP (XRP) XRP XRP predictions 74.8% 52 $0.936744 -0.87% -12.84% $43 762 466 306 $3 480 602 653
7 Solana (SOL) SOL Solana predictions 67.2% 73 $133.73 -5.17% -16.25% $39 755 230 580 $2 355 486 237
8 USD Coin (USDC) USDC USD Coin predictions 92.8% 1 $1.000354 -0.02% 0.15% $30 960 831 356 $3 856 410 295
9 Polkadot (DOT) DOT Polkadot predictions 67.2% 69 $28.93 -5.79% -14.59% $28 569 978 013 $2 497 931 662
10 Dogecoin (DOGE) DOGE Dogecoin predictions 65.2% 77 $0.203541 -2.93% -14.83% $26 754 819 985 $1 484 621 745
11 Avalanche (AVAX) AVAX Avalanche predictions 61.6% 87 $67.70 -4.70% -6.71% $14 914 226 366 $1 215 382 304
12 Terra (LUNA) LUNA Terra predictions 68% 59 $36.55 -4.62% 2.04% $14 617 138 870 $1 673 809 615
13 UniSwap (UNI) UNI UniSwap predictions 66% 74 $22.46 14.19% -8.01% $13 735 517 239 $963 138 296
14 Binance USD (BUSD) BUSD Binance USD predictions 92.8% 1 $1.000428 -0.01% 0.16% $13 695 184 249 $5 414 111 970
15 Chainlink (LINK) LINK Chainlink predictions 65.6% 70 $24.43 6.38% -13.70% $11 115 873 690 $1 892 923 557

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.