Bitcoin Price Technicals Suggest a Potential Breakout to $12,300.00

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Written By: Angeline Feliciano

Jul 31, 2020, 05:00 BST 05:00

Summary:

Bitcoin price has yet to trade past resistance at $11,200.00. BTCUSD is hovering around the $11,000.00 psychological handle today. Where is it headed next?

Bitcoin price has yet to gain the momentum that it needs to trade past resistance at $11,200.00. As I reported yesterday, the cryptocurrency has been trading sideways for the last few days. Today, BTCUSD is hovering around the $11,000.00 psychological handle. Where could it go next?

On the 4-hour time frame, it can be argued that bitcoin price may soon break out higher. This is because its recent consolidation follows a strong rally.Consequently, a bullish flag pattern has formed. When you enroll in our free forex trading course, you will learn that this is widely considered as a bullish continuation pattern. A strong close above the high of July 27 at $11,417.11 could mean that there may be enough buyers in the market to push BTCUSD to its August 2019 highs at $12,325.00.

On the other hand, a close below yesterday’s low at $10,832.00 could invalidate the bullish indicator. It could mean that there are still sellers left in the market to push BTCUSD lower. Near-term support for the cryptocurrency could be at $9,800.00 where it may test the 100 SMA for support.

Bitcoin Price, 4-Hour Chart

Written By: Angeline Feliciano

Angeline Feliciano has been trading Forex for over ten years. She has invaluable experience working in FX education companies like BabyPips.com and Learn to Trade as a trader, currency analyst, trading coach, and presenter. Aside from these roles, she has also created intensive educational content on fundamental analysis which is heavily sought after by retail traders. She has taught hundreds of people how to trade the FX market in the Philippines and in Australia. When she is not trading, you can find her in the gym lifting weights.