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Bitcoin price chart analysis: buy dips under $11,000

By Nathan Batchelor

13:24, 3 August 2020

Bitcoin price chart analysis

Bitcoin looks set to continue its recent bull run, as the number one cryptocurrency firms above the psychological $10,000 level.

Bitcoin price chart analysis shows that the $13,500 level is seen as the likely medium-term target.

Bitcoin medium-term price trend

Bitcoin appears increasingly bullish above the $10,000 level, further cementing the notion that we may soon see a test of the 2019 trading high.

Bitcoin price technical analysis shows that a huge bullish pattern will form if the cryptocurrency reaches the $13,500 level.

Bitcoin price technical analysis

The daily time frame shows that a massive inverted head and shoulders pattern will form if the cryptocurrency reaches the $14,000 level.

According to the size of the potential bullish pattern, the BTC/USD pair could rally towards the $20,000 level and beyond.

Key medium-term resistance on the way to $13,500 is located at the $12,300 and $13,000 levels.

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ADA/USD

0.88 Price
+8.380% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.00646

DOGE/USD

0.39 Price
+5.140% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.0012872

XRP/USD

1.43 Price
+28.380% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

ETH/USD

3,375.98 Price
+9.540% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00

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 rising price channel is located between the $9,200 and $11,200 levels.

Bitcoin price technical analysis

Continued gains above the $11,200 level is likely to prompt further gains towards the $13,500 area.

If the BTC/USD pair falls back inside the channel, key technical support for the BTC/USD pair is located at the $10,500 and $10,300 levels.

It is noteworthy that a sustained decline under the $10,300 level could provoke a major pullback towards the $9,200 level

Bitcoin technical summary

Bitcoin technical analysis indicates that the cryptocurrency is appearing increasingly bullish. The $13,500 level is seen as the wider bullish target.

Trade Bitcoin to US Dollar - BTC/USD CFD

Markets in this article

BTC/USD
Bitcoin / USD
98973.35 USD
4563.55 +4.830%

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