Bitcoin Price Analysis Reveals Epic Battle Between The Bulls And The Bears, Who Will Prevail?

Bitcoin News Today – Recently Bitcoin (BTC) has been experiencing a wavering price action, a break above Wednesday’s high of $12,145 is required to needed to restore the bullish stance. The cryptocurrency is presently trading at $11,690 on Bitstamp, signifying a 0.85% decline daily.

Trading prices struck a high of $12,040 in the Asian trading hours before rapidly declining back below the $12,000 level. Bitcoin has been experiencing a bull failure above $12,000 for the past four days. So far BTC has recorded a lower high above $12,000 since Tuesday. Subsequently, it has generated higher lows in the last three days. That constricting price variety is an indication of hesitancy in the market place.

Bitcoin Price Prediction 2019 – Bitcoin Latest Update – BTC Price Analysis – Bitcoin News Update – Tussle Between the Bulls and Bears

Bitcoin has logged a constricting price range over the last three days, offsetting the fast bullish setup. According to the latest BTC price prediction, a bull recovery requires a UTC close above Wednesday’s high of $12,145 to a dual inside bar pattern. The viewpoint would go bearish if prices produce a UTC close below Wednesday’s low of $11,388. The chances of a bearish UTC close would increase if BTC breaks lower from the narrowing triangle seen on the intraday charts. Dual inside bars specify alliance and lack of instability, trading volumes have also declined over the last two days. The pattern often opens the way for a volatile move on either side. A break above the high of the first inside bar is believed a signal of bullish breakout and a move below the low of the first inside bar’s low is considered as a bearish reversal indication. The alliance could also be deliberated as an indication of a bullish momentum since it follows subsequent to a 35% price surge over eight days.

Bitcoin (BTC) Price Today – BTC / USD

Name Price
bitcoin
Bitcoin
$9,953.75-2.02%

Bitcoin claimed an offer near $9,100 and increased to a one-month high of $12,325 on Tuesday. After this surge, the cryptocurrency has been limited to a narrowing price range, as signified by trendlines linking lower highs and higher lows. A break above $12,000 would approve range breakout and give way for a move toward $13,000. However, there’s a possibility of BTC declining back to its former resistance-turned-support of $11,120, if the range is flouted to the downside.

Currently, the focus is on Wednesday’s high and low of $12,145 and $11,388. A UTC close above $12,145 would indicate a recommencement of the rally from recent lows near $9,100 and pave the way to the bearish lower high of $13,200 formed on July 10. A UTC close below $11,388 would approve the bearish setback and alteration threat in favor of a decline to $9,057 in July 17 low.

Bitcoin recovered the bull market with a declining frequency breakout on Wednesday. So far, the price range has been anything but bullish. The cryptocurrency generated a dragonfly Doji yesterday, which happens when the market trades down and then reverses to close mostly unaffected on the day. This pattern is generally believed to be an early warning of a bearish reversal.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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