The price of the most famous cryptocurrency in the world, Bitcoin, is once again on an uprise. But, the question is, can it get past the $12K? According to experts, there’s a high possibility for that, because the price of the Bitcoin is showing some rather good signs. For the time being, the Bitcoin price isn’t managing to clear the $12K resistance against the USD. As the stock markets across the globe are still dealing with the unexpected trade war in which the participants were USA and China, the Bitcoin has proved one more time to be a dominant cryptocurrency as it continues to rise, but not above $12k.
Right now, the Bitcoin is a haven for traders. Why? Because the global stock market has had its worst time in all 2019. The well-known company, Dow Jones suffered a loss of 1000 points on August 5th, when China responded fiercely to the wart threats made by the current president of the United States of America, Donald Trump. The yuan currency experienced quite a downfall, as China’s legal tender slipped beyond the $7 level, causing a massive capital flow out of yuan. Thre are speculations that a portion of that money flowed in Bitcoin on August 8th.
The Analysis Of The Bitcoin Price
Not long ago, an insignificant downside correction was spotted in the Bitcoin when compared to the USD. These two currencies have traded just below the support of a whopping $11800. Also, recently there was a break somewhere beneath the 100 SMA and $11650. SMA stands for Simple Moving Average. Nevertheless, a strong cryptocurrency for which it is known, Bitcoin came close to the support area of $11500. The important thing is that the Bitcoin price has regained its old glory.
Then, a break happened and it exceeded the 100 simple moving average and also the resistance of $11800. Furthermore. There was also a break which also exceeded the main contracting triangle with the resistance of astonishing $11860 on the hourly chart of the cryptocurrency Bitcoin and the USD. These two have also came to the $12k resistance, but they didn’t pass the limit of $12000. But, not long after the BTC/USD came to $12077.
The price of the Bitcoin traded just beneath the $12K limit wit the addition of the 23.6% Fib retracement level. This happened thanks to the wave between $12077 and $11495. Moreover, there’s a very steady support between 100 SMA and the $11750 level. What’s also interesting, that there was a 50% Fib retracement thanks to $11495 and $12077 wave which helped to make a mighty support which reached the level of almost $11786. Also, the triangle zone, which was broken, can be interpreted as a support to the level of $11750.
The support is close to the level of $11500, and if it goes below, it could easily turn bearish. All in all, if the Bitcoin wants to progress, even more, it has to break the level of $12K, and that way it will be an even more formidable cryptocurrency.