Bitcoin Price Forecast: The Sound of Rising! August 12 BTC Analysis

• Bitcoin experienced a decline on the 4-hour chart and then recovered with buying demand.
• Closing above the support range of $29,279 – $29,144 supports the upward movement, while closing below it can strengthen the downward movement.
• Looking at the daily chart, if the $29,500 resistance is surpassed, the upward movement can continue, otherwise the downward movement can accelerate.

Looking at the daily technical chart, it can be seen that the price is close to the $29,500 resistance. If it fails to break this resistance and closes below $29,500, the downward trend can continue until the support levels of $28,600 and $28,200. On the other hand, closing above $28,200 can take the upward movement to the levels of $31,000 and $32,300.

Medium-Term BTC Analysis

When examining the daily technical chart of Bitcoin, it can be seen that the price is moving close to the $29,500 resistance. If the BTC price closes below the $29,500 resistance on a daily basis, the downward movement can continue towards the support levels of $28,600 and $28,200.

However, if the Bitcoin price continues to close above the $28,200 level on a daily basis, there is a possibility of continuing the upward trend towards the levels of $31,000 and then $32,300.

If the BTC price closes below the $28,200 level on a daily basis, the downward trend can extend to the $27,700 support. On the other hand, if the Bitcoin price remains above the $29,500 level, it may have the possibility to continue the upward movement to the levels of $32,000.

Short-Term BTC Analysis

When examining the 4-hour technical chart of Bitcoin, there was a decline to the support range mentioned in the previous analysis, which is $29,279 – $29,144. After this decline, the Bitcoin price found support with buying demand and rose back to the $29,411 levels. Readers who traded at these levels in the previous analysis are currently making a profit of 0.41%.

As long as the Bitcoin price remains above the support range of $29,279 – $29,144, it can continue the upward trend starting from these levels. The first target is observed as the $30,400 level, followed by the target of $31,000. If the BTC price achieves 4-hour candlestick closures above the $31,300 level, it can move the upward trend towards the $32,000 resistance.

However, if the Bitcoin price closes below the $28,600 level on a 4-hour basis, it can extend the downward movement to the critical support zone of $28,600.