Bitcoin price chart analysis: Bulls targeting $13,500
07:53, 13 August 2020
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.
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.
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.
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.