- Bitcoin likely to record the third monthly loss in the entire 2019.
- Bitcoin technical picture is slightly bullish but the trend must finish the leg above $9,800 to unlock the energy to jump above $10,000.
Bitcoin remains on track to test $9,000 after falling off a narrowing range earlier this week. The granddaddy of cryptocurrencies is on its way to post a third monthly loss in 2019 following a considerable drop throughout August. Bitcoin is teetering around $9,587 at the time of writing. BTC opened the trading on August 1 around $ 10,077.44 representing a 4.8% loss.
In the event reversal lags until Saturday, this will be the third month Bitcoin is closing at a loss. January saw Bitcoin loss 7.59% of its value while in July Bitcoin posted a 6.27% decline. For five months in a row, Bitcoin posted a winning streak that ended in July.
Bitcoin Price Technical Picture
Bitcoin needs to rise by roughly $493 to correct the negative divergence to avoid closing August in losses. Bitcoin has had massive reversals in the past, therefore, the chance of Bitcoin closing in on $10,077.44 cannot be ruled out.
BTC/USD 1-hour Chart
However, the prevailing technical picture shows the buyers fighting to get back in action after a two-day battering. BTC already stepped away from the key support at $9,300 and cleared the descending trendline resistance.
A remarkable boost propelled Bitcoin above $9,500. Also, BTC/USD is on an assault mission on $9,600. Correction above this level will encounter resistance at the 50 Simple Moving Average (SMA) currently at $9,629.34.
From a technical perspective, the recovery is likely to last longer and surge towards the completion of the leg to $9,800. Supporting the buyers is the up trending Relative Strength Index (RSI). The Moving Average Convergence Divergence (MACD) is heading towards the positive region and its bullish divergence suggests increasing buying pressure.
Bitcoin Key Technical Levels
Spot rate: $9,587
Relative change: +94.229
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