Bitcoin again dropped below $10,000 and many experts analysist are again turned bearish. Bitcoin is now trading at $10200, after making a low of $9800.
Bitcoin (BTC/USD) Technical Analysis
Bitcoin is now in the symmetrical triangle on the daily chart. A close above $10,200 is necessary for further increase in price. According to the chart, Bitcoin may see a breakout either side Upside or downside in the next two weeks.
The 100 MA (Moving Average) is working as support now and at $9900 levels. The 50 MA (Moving Average) may work as resistance and at $10,700 levels. If Bitcoin (BTC/USD) close above $10200, we may see a test of the 50 MA. The short term targets for Bitcoin is $10,800 and $11,500.
RSI (Relative Strenght Index) is also in a good zone for a bounce. RSI is now around 40 and we may see a bounce to 60-65 levels.
If the triangle breaks upward Bitcoin will head towards $13,000. Immediate resistance after $11,500 is $12,000 and Bitcoin (BTC/USD) unable to hold above the $12,000 levels. This is very interesting to look at how Bitcoin behaves around $12,000 levels.
If the triangle breaks downwards, Bitcoin may see a sharp dump to $9000 levels, the major support, for now, is $9200. If Bitcoin unable to hold the $9000 levels, we may see a further drop to $8500.
This is the technical analysis of Bitcoin. Other major catalysts like Bitcoin mining difficulty, Hash rate, Halving also impact the price.
As Bitcoinik reported Bitcoin hash rate and mining difficulty makes a new all-time high. Bitcoin halving is now just 268 days away, likely to happen on May 2020. Bitcoin halving may push the price to a new all-time high.
Almost everyone in the crypto community is waiting for altseason. After the quick drop of Bitcoin (BTC/USD) from $10,900 to $9800, most of the altcoins shows positive signs of recovery. Almost every altcoin gains 5-10% after the quick drop of Bitcoin.
Bitcoin dominance is going a little down after making a new yearly high of 71%. Bitcoin dominance is now around 68.5% that gives altcoins a little space for recovery.
The altseason will come after the launch of Bakkt (a physical Bitcoin futures contract provider). The launch of Bakkt is officially announced and the platform will live on 23 September.