Bitcoin (BTC) Price Analysis for 16/08

Price Predictions
Sun, 08/16/2020 - 15:52
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Denys Serhiichuk
Has the time come for a more profound Bitcoin (BTC) correction?
Bitcoin (BTC) Price Analysis for 16/08
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The rates for most of the Top 10 coins do not change much over the weekend. Ethereum (ETH) and Cardano (ADA) are the only two cryptocurrencies located in bearish territory at the moment.

Top 10 coins by Coinstats
Top 10 Coins by Coinstats

The dominance rate for Bitcoin (BTC) has remained in the same position since yesterday, and its current market share makes up 58%.

BTC’s market share
BTC’s Market Share

Below is the relevant data for Bitcoin (BTC) and how it's looking today:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $218,155,824,886

  • Price: $11,816.15

  • Volume (24H): $21,395,829,268

  • Change (24H): 0.07%

The data was relevant at press time.

BTC/USD: Could a Retest of $12,000 Happen Next Week?

Compared to previous weeks, the current week was not a positive one for the leading cryptocurrency. Bitcoin (BTC) has only gone up 1.37% in price over the last 7 days.

BTC/USD chart by TradingView
BTC/USD Chart by TradingView

Bitcoin (BTC) has continued to correct itself after failing to fix above the $12,000 mark. Although the liquidity is still high, the buying trading volume has decreased, showing a lack of interest from the bulls to continue their rise in price. From a technical standpoint, the drop is not at an end and the decline may last until bears reach the $11,600 mark.

BTC/USD chart by TradingView
BTC/USD Chart by TradingView

Looking at the bigger time frame, the bearish tendencies are even more powerful. There are almost no buyers at the moment who want to purchase Bitcoin (BTC) at the current prices and the trading volume is low.

Related
BTC, ETH, BSV, SOLO and ALGO Price Analysis for August 14

There is also a divergence on the Relative Strength Index (RSI), which considers a further decline. In this regard, the closest bounce off level is at the $11,000 mark.

BTC/USD chart by TradingView
BTC/USD Chart by TradingView

Looking at the weekly time frame, Bitcoin (BTC) is aiming towards the resistance at the $13,200 mark as the price has not decreased since breaking out from its long consolidation period. The trading volume is also at a relatively high level, which means that buyers may attain the aforementioned area despite possible corrections along the way.

At press time, Bitcoin was trading at $11,787.

 
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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.