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Bitcoin price chart analysis: Bulls targeting $13,500

By Nathan Batchelor

07:53, 13 August 2020

Bitcoin price

Bitcoin looks increasingly bullish over the short and medium-term, and traders continue to buy into any meaningful pullbacks.

Bitcoin price chart analysis continues to highlight that the $13,500 level remains the medium-term price target.

Bitcoin medium-term price trend

Bitcoin rallied towards the $11,900 level last week, as bulls continued to defend the pivotal $11,000 level.

Bitcoin price technical analysis shows that traders are increasingly likely to buy any dips towards the $10,000 level.

Bitcoin price technical analysis

The daily time frame shows that long-term Fibonacci analysis is pointing to the $13,500 level as a likely medium-term target.

According to Fibonacci analysis, the 61.8 percent Fibonacci retracement of the April 2019 swing-low to all-time price high is located around the $13,500 level.

A potential over extension towards the $14,000 resistance level is also possible if the $13,500 level is broken.

US100

21,082.10 Price
-0.240% 1D Chg, %
Long position overnight fee -0.0248%
Short position overnight fee 0.0026%
Overnight fee time 22:00 (UTC)
Spread 1.8

Oil - Crude

70.13 Price
-2.520% 1D Chg, %
Long position overnight fee 0.0085%
Short position overnight fee -0.0304%
Overnight fee time 22:00 (UTC)
Spread 0.030

XRP/USD

0.56 Price
-0.670% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

Gold

2,689.81 Price
-0.770% 1D Chg, %
Long position overnight fee -0.0178%
Short position overnight fee 0.0095%
Overnight fee time 22:00 (UTC)
Spread 0.30

Traders should note that critical medium-term resistance on the way to $13,500 is located at the $12,400 and $13,100 levels.

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Bitcoin short-term price trend

Bitcoin price technical analysis shows that short-term bulls remain in control while the price trades above the $10,100 level.

Lower time frame analysis shows that a bearish head and shoulders pattern has formed, following the early-month drop from the $12,100 level.

Bitcoin price technical analysis

If the BTC/USD pair falls below the neckline of the pattern, around the $11,100 level, then a 1,000 point corrective drop may occur.

If the pattern is invalidated then BTC/USD could rally through to the $13,100, and possibly the $13,500 level.

Bitcoin technical summary

Bitcoin technical analysis indicates that the cryptocurrency could fall towards the $10,000 level before advancing to its medium-term bullish target, around the $13,500 level.

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