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article imageBitcoin price movement bullish as it closes in on $12,000

By Ken Hanly     Aug 5, 2019 in Technology
Bitcoin is continuing in a bullish mood as it breaks through $11,000 and rushes up toward the $12,000 level reaching as high as $10,940 so far today..
Isige analysis
John Isige analyses the price movements of bitcoin (BTC) in an analysis posted at 12:37 GMT. Isige first notes that BTC dominance in the crypto market is soaring to around 67.6 percent. Trading volume is also at new August highs. At press time BTC was around $11,783 a 7.2 percent rise on the day.
Bitcoin in a big correction
Bitcoin has come off lows that were around $9,100 to its present price near the $12,000 level a recovery that confirms the position of the bulls. Last week BTC struggled with resistance at $9,800, $10,000 and $10,500. Then there was a compelling break through $11,000 an apparent signal for more buyers to jump in and propelling the price towards the$12,000 level.
The price reached a high of $11,871 and has since slid to $11,766. However all technical indicators point in a strong bullish direction.
The bullish outlook
The present value of BTC is about moving averages as well as the ascending trendline. The short-term 50 simple moving average (SMA) 4-hour double-cross above the 100 SMA 4-hour shows the growing momentum for the rally. Higher consolidation is likely if the price rise fails to break through the $12,000 hurdle.
Other indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) also are bullish. The MACD has continued rising even when the recovery stall. The RSI is leveling within the overbought which emphasizes the present of bullish buyers in the market.
Present Situation
24 hours ago, bitcoin was trading at $10,952 according to CoinDesk data. Since then it has hit a low of $10,792 but has sprung up to a high of $11,940 closing in on $12,000. At 13:45 Central Daylight TIme it had retreated slightly to $11,847 a gain of about 8 percent on the day or $895. All but one of the top altcoins are showing green although none have matched the gain percentage of bitcoin. The present price of bitcoin and the top twenty altcoins can be found here.
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