Bitcoin remains range-bound throughout the first half of August with another attempt to break below $9K thwarted by the buyers. The order-block spanning $9K-10K remains unbroken for a second time giving it credibility as strong support. However, Bitcoin may not fare well if price falls towards 9K for the third time. At the time of writing this analysis, Bitcoin is changing hands at $10,200.
The critical of $9K-10K was highlighted in our most recent analysis on 31st July 2019. Currently, Bitcoin’s market structure is range-bound with a lower value of $9,500 and upper value of $11,600. A weekly close below $9,500 (lower probability) may open further downsides towards $8,500 and low 7,000s; however, a close above $11,500 could propel Bitcoin to the upsides with targets of $13,500 on the horizon. Both $11,500 and 13,500 are major resistance levels protected by sellers. A close above $13,500 could act as a fuel for Bitcoin to rally towards $16,000 and beyond. Major levels remain unchanged as what Cryptoriate had highlighted in the global chart in June 2019. The and are not providing any credible signals but hovering in the territory.
The interim resistance is $10,500 strengthened by 200MA on a 4H time-frame.
The macro outlook for Bitcoin remains but the short-term is neutral. The potential launch of Bakkt gave Bitcoin a price boost but failed to generate any significant demand. These types of news are usually already priced in before the public could react accordingly.
Bitcoin’s uptrend remains intact and strong on all major time-frames such as monthly, weekly, and 3D. On smaller time-frames, it is range-bound and consolidating in a $2,000 range between $9,500 and 11,500. Buyers have been dominating seller the in $9K-10K price zone. The selling is weaker than the buying since Feb 2019 further giving clues that Bitcoin may be gearing up to rise in upcoming months.