Bitcoin (BTC) Prediction for August 10

Saturday has started bullish for most coins, however, there are some exceptions, according to CoinStats.

BTC/USD

The rate of Bitcoin (BTC) has almost not changed since yesterday.

On the hourly chart, the price of BTC is bearish as it is closer to the local support level of $60,247. If the daily bar closes around it, the fall may continue to the $60,000 area by tomorrow.

On the bigger time frame, one should focus on the level of $62,154. If bulls can seize the initiative and bring the rate back to this mark, the accumulated energy might be enough for a blast to the $64,000 zone next week.

From the midterm point of view, the price of BTC is in the middle of the wide channel between the support of $53,120 and the resistance of $73,949.

As neither side is dominating, ongoing sideways trading in the range of $58,000-$64,000 is the more likely scenario until the end of the month.

Bitcoin is trading at $60,531 at press time.

Source