Bitcoin Price Analysis: BTC/USD looks to register small weekly gains
- BTC/USD is fluctuating in a tight range below $12,000.
- Bitcoin is up only 1.2% for the week after posting strong gains in previous three weeks.
Bitcoin (BTC/USD) continues to trade sideways below $12,000 on Sunday and is headed to post gains for the fourth straight week. However, after surging by 8%, 11% and 5.5% in the previous three weeks, BTC/USD is up only 1.2% this week, suggesting that investors may be waiting for a decisive break above $12,000 before adding to their long positions.
Bitcoin technical outlook
On the daily chart, an ascending triangle seems to have formed with the upper-limit sitting near $12,000. Since this formation is usually considered as a continuation pattern, a decisive break beyond that resistance could help Bitcoin push higher toward $12,325 (August 6, 2019, high) and $13,195 (July 10, 2019, high). On the downside, supports align at $11,700 (August 15 low), $11,500 (20-day SMA) and $11,000 (lower limit of the two-week-old range, Fibonacci 23.6% retracement of July 24 - August 2 rally).
Bitcoin chart (daily)
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
