Coingape - 8/12/2019 3:00:27 PM - GMT (+0 )
- Goldman Sachs forecast places Bitcoin at $13791 in the short-term.
- Investors waited with baited breadths for Bitcoin to slide to $11,000 (buying opportunity).
The leading investment bank in the United States continues to be surprisingly bullish on Bitcoin. The latest analysis from the bank suggests that Bitcoin price will spike to $13,971 in the short-term. Moreover, the analysis adds that the surge is the beginning of a five-wave count as long as the correction from the highs at $13,971 does not drop below $9,084 (July low).
Meanwhile, Bitcoin is trading at $11,353. The largest cryptocurrency on the market is holding on to the 61.8% Fib retracement level taken between the last swing high around $13,838.56 to a swing low of $7,425.82. The recovery from July low embraced support from the 23.6% Fibonacci retracement level as well as the 100-day Simple Moving Average.BTC/USD daily chart Chart source: Tradingview
Trading above the 50-day SMA bequeathed Bitcoin a compelling move past the current market value at $11,353 (61.8% Fibo). BTC/USD rose above the critical $12,000 level and ground to a halt on achieving a high of $12,311.
The daily chart, suggests that Bitcoin is supported by immense buying pressure at $11,000. Therefore, retracement towards this level will only serve to increase buying entries for Bitcoin as investors wait to buy low and sell high.
The Moving Average Convergence Divergence (MACD) gradually ascends the levels above the mean line (0.00). Besides, the increasing divergence shows that the bulls have the upper hand. The fact that the price above the 50-day moving average means that Bitcoin is inclined towards sideways trading if not an upward movement.Bitcoin Key Technical Levels:
Current Trend: Upward sideways.
MACD: Increasing divergence suggests rising buying pressure.
Support Areas: $11,000 (50 SMA), $10,000 and the primary $9,000.
Critical Resistance: $11,500, $12,000 and $13,000.
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