After a brief breakout above $ 12,000, the Bitcoin price corrected significantly and briefly fell back to $ 11,750. The dominance of the reserve currency meanwhile tries to develop a bottom. At the beginning of this week, the key currency Bitcoin managed to sustainably overcome the resistance area around 11,700 US dollars and the previous annual high of 12,170 US dollars and subsequently rose to the 12,500 US dollar area. As a result, the first profit-taking began on Tuesday, August 18, which caused the BTC rate to correct this Wednesday morning to the 78th Fibonacci retracement at $ 11,575. Investors used this price setback in the last few hours for new Bitcoin purchases and are currently able to stabilize the price in the area of 11,850 US dollars.
Bullish scenario (BTC)
If the bulls manage to stabilize the price above the EMA20 (red) at 11,550 US dollars, there are again opportunities for increases in the direction of 12,307 US dollars. A renewed dynamic overcoming of this resistance should lead the BTC price again towards the weekly high at 11,490 US dollars. In addition to the horizontal resistance, the upper Bollinger Band is currently also limiting the price in this area. If the bulls can break through this cross resist, a test of the 88 Fibonacci retracement at $ 12,606 should follow. A rise to the red horizontal resistance at $ 12,912 is also realistic if buying interest continues.