Is This A Bull Trap? Bitcoin Just Hit Weekly Resistance. What Next?

2:08 pm, Sat, 8 August 20

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Bearish divergence on Bitcoin. Price crash to $9,500?

This Bitcoin analysis is going out specifically to all Bitcoin bullish traders, “it is time to be cautious come next week!” continue reading to find out exactly why.

Welcome back to my daily Bitcoin analysis, here I try to predict the movement of the crypto market and offer my readers high-quality trade setups that I have been making money from consistently.

It is also important to note that this is not financial advice and I am not a financial expert, everything I say here is just my honest opinions on the market.

Bitcoin At A Very Strong Weekly Resistance

The Bitcoin price has been shooting up for these past few days, however, I believe Bitcoin might be running into some trouble as price battles to break through the $11,586 weekly resistance.

This resistance is so important because it as the ability to put a dent in the Bitcoin bull run for the short term.

This weekly resistance is so notorious for pushing the Bitcoin price back down almost every time the Bitcoin price has gotten to it.

And out of the three to four times, the price has gotten to this region in the past, Bitcoin has been able to break through it only once. This break saw Bitcoin push into the $20,000 region before it finally crashed back down.

What Do I Expect Might Happen?

Well, if you have been following my daily update for any period of time, then you will know I am a very realistic trader.

I love giving out my price prediction for both the bullish scenarios and the bearish scenarios at all times. This way you can be well prepared to handle any kind of situation the market throws at you.

Now for my bullish scenario for next week.

Bitcoin Might Achieve Parabolic Price Surge To $20,000 Once Price Breaks through $11,586

The price level above the $11,586 resistance is very thinly traded. And when Bitcoin broke into that region in the past, we saw massive vertical price moves that took the Bitcoin to $20k in just a matter of days.

Bitcoin Might Achieve Parabolic Price Surge To $20,000 Once Price Breaks through $11,528

I expect to see a repeat of these kinds of moves next week if Bitcoin brakes through and closes above the weekly resistance.

A Close Below The Weekly Resistance Could See Price Crashing To $10,000 Next Week

While the past does not guarantee future results, it however provides us with a template of what to expect. And all I see right now are red flags.

A Close Below The Weekly Resistance Could See Price Crashing To $10,000 Next Week

If the Bitcoin price is unable to break through and close above the $11,586 weekly resistance before the end of this week, then there is a high probability that we might see some price retracement come next week.

However, it is important to understand that this is not a sell signal. Instead, it is just a red flag that warns us to be very cautious and aggressively manage opened positions come next week if the price fails to close above the weekly resistance.

Bitcoin analysis

For a list of the top best Altcoins to put on your watch list and trade during this coming bull run, check out my Top 25 Cryptocurrencies by Market Capitalization

To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With.

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