Bitcoin’s Monthly Chart Suggests That The Bulls Now Target $13.2K, Will BTC’s Price Surge?

Bitcoin Price Analysis – In the last 24 hours, Bitcoin has reinforced the bearish view suggested by the flag breakdown. This bearish continuation pattern was confirmed yesterday. BTC reached a lower high at the lesser edge of a flag pattern. With a below -50print, the relative strength index is indicating bearish conditions. Besides, the ticking up of the selling volume validates the bearish setup.

Bitcoin News Update – Bitcoin Price Prediction – Bitcoin Latest Update – Bitcoin Struggles to Reach $12,000

Bitcoin Price Analysis shows that a bearish crossover was produced by the 5- and 10- day moving averages (MAs). Consequently, the prices may dip towards $10,778, the current 5-week moving average. Bitcoin price moving up above $11,431 will weaken the bearish conditions. Ideally, $12,000 will invalidate the lower highs setup.

In April, BTC broke into a bull market as it hit $13,880. The top cryptocurrency recorded this 17-month high before creating last month’s inside bar candle. This pattern created after a significant uptrend suggests bullish exhaustion and an approaching bullish to a bearish trend change. Analysis of Bitcoin’s weekly and monthly charts indicates that BTC ending August at a price below July’s low of $9,049 will be a confirmation of a bearish reversal.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$7,201.58
0.627%

However, a rise above July’s high of $13,200 would indicate a continuation of the rally from April’s low recorded near $4,050. If the prices record a weekly close above $12,000, the possibility of Bitcoin ending the current month above $13,200 will increase. In the last seven weeks, the crypto asset has failed four times as indicated by its market charts to find acceptance above $12,000.

Expectations are high that a weekly close above $12,000 will signal a continuation of the bullish trend. However, a high-volume rise above $13,200 will be a stronger confirmation of an uptrend. However, Bitcoin Price Prediction suggests that the crypto-asset risks falling below $11,000 in the next 24 hours.

Bitcoin Price Analysis- Bitcoin Needs to Break Above $13,200 to Continue the Uptrend

Bitcoin made $13,200, the level to hit for the bulls when it created an “inside bar” pattern last month. This key monthly pattern suggests that breaking above this level will revive the delayed bull market. With a monthly low and high of $9,049 and $13,200 respectively, Bitcoin created an “inside bar” pattern in July. These levels fell within the trading range of $13,880 to $7,432 recorded in June.

An inside bar represents a consolidation in a narrowing price range or an indecisive market. This pattern is distinguished by a higher low and a lower high than the preceding candle. A convincing price rise above the inside bar’s high signals a bullish breakout. Consequently, July’s high of $13,200 is the target level to hit for the resumption of the bull market. However, a break below July’s low of $9,049 would indicate a bearish inside bar reversal.

A look at the hourly charts suggests a dip below $11,000 in the next 24 hours. At the time of the report, the top cryptocurrency is showing a little change on a 24-hour basis as it changes hand at $11,220 on Bitstamp.

What do you think? Will the price of Bitcoin? Is BTC going to rise or fall in the next few days?

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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