Bitcoin price chart analysis: bullish target not yet achieved
17:20, 17 August 2020
Bitcoin traded back towards the $12,000 last week, as dip-buyers quickly stepped in from the $11,100 support area.
Bitcoin price chart analysis shows that Bitcoin is expected to reach $13,500 to $14,000 before the next major correction takes place.
Bitcoin medium-term price trend
Bitcoin dip buyers are being rewarded, as they continue to buy into any meaningful pullbacks in the pioneer cryptocurrency.
Bitcoin price technical analysis shows that further upside remains likely while the price trades above the $10,500 level.
The $10,500 level remains the line in the sand for medium-term buyers, due to its overall technical importance.
Up until the recent bullish breakout in BTC/USD, buyers had been unable to perform a daily price close above the $10,500 level.
Any technical pullbacks towards the $10,500 level will be seen as a key test of the ongoing bullish breakout.
As long as Bitcoin manages to close the daily candle above the $10,500 level then further upside towards the $13,500 seems likely.
The daily time frame highlights the 61.8 percent Fibonacci retracement of the April 2019 swing-low to all-time price high, around the $13,500 level, is the likely upside target.
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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 $11,100 level.
Lower time frame analysis shows that the $11,460 level is extremely technically important in the short-term.
The $11,460 level is the neckline of a bearish head-and-shoulders pattern, with around 600 points of downside potential.
If the BTC/USD pair holds above the neckline of the pattern, then further upside towards the $12,400 level seems likely in the short-term.
A break under the $11,460 level should increase technical selling, and place the $10,900 level into focus.
Short-term traders are likely to buy into any pullbacks, as long as the four-hour candle closes above the $11,100 level.
Bitcoin technical summary
Bitcoin technical analysis highlights that the number cryptocurrency is still on track to hit $13,500 level. Bulls must continue to close the daily candle above the $10,500 level.
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