07.08.201916:06 Forex Analysis & Reviews: Bitcoin holds above $12,000. August 7, 2019

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Bitcoin has been quite volatile recently after breaking above the $12,000 area but failed to keep it up and had a major retreat. Though the price drastically fell below $11,500 today, it still managed to climb above $12,000 again.

The journey towards the $13,800 area is not going to be an easy one for Bitcoin as it has found strong resistance at $12,000 which is expected to play a vital role in the upcoming rally of the cryptocurrency. Although the price is struggling to break above the $12,000 area, the bullish bias is still quite strong. This, bitcoin is likely to soar above the recent high of $13,800 and reach the psychological price area of $15,000 by the end of August.

Besides, Bitcoin's growth has been quite exponential leaving a significant mark on world finance. Currently, it is crowned as the 11^th largest money supply in the world. Bitcoin's market capitalization is over $200 billion which is larger than most of the world economies like Australia, Canada, or Brazil. Bitcoin is even competing with gold. The yellow metal has a market capitalization of $8 trillion. However, the growth of Bitcoin is quite impressive, while the technology of decentralized money transaction is assumed to be the future of finance.

As for the current scenario, Bitcoin is supported by encouraging fundamentals, and the positive market sentiment is expected to lead to the rise of the cryptocurrency in the coming days. It may reach the $15,000 area in the nearest future if no negative news strikes.

TECHNICAL OVERVIEW:

Bitcoin is trading above the $12,000 area at the moment, climbing above the Kumo Cloud dynamic resistance area. The dynamic levels are currently crossing over each other, and the bullish signal is quite strong. As far as the price remains above $11,500 with a daily close, the bullish bias is expected to continue and push the price higher towards the $13,800 area and later towards $15,000 in the coming days.

TECHNICAL LEVELS:

SUPPORT- 10,500 / 11,000 / 11,500 / 12,000

RESISTANCE- 12,500 / 13,300 / 13,800 / 15,000

BIAS- Bullish

MOMENTUM- Volatile

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