Bitcoin price chart analysis: buy dips under $11,000
13:24, 3 August 2020
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.
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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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.
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.
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