Bitcoin Price Analysis: BTC/USD looks to register small weekly gains

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  • BTC/USD is fluctuating in a tight range below $12,000.
  • Bitcoin is up only 1.2% for the week after posting strong gains in previous three weeks.

Bitcoin (BTC/USD) continues to trade sideways below $12,000 on Sunday and is headed to post gains for the fourth straight week. However, after surging by 8%, 11% and 5.5% in the previous three weeks, BTC/USD is up only 1.2% this week, suggesting that investors may be waiting for a decisive break above $12,000 before adding to their long positions.

Bitcoin technical outlook

On the daily chart, an ascending triangle seems to have formed with the upper-limit sitting near $12,000. Since this formation is usually considered as a continuation pattern, a decisive break beyond that resistance could help Bitcoin push higher toward $12,325 (August 6, 2019, high) and $13,195 (July 10, 2019, high). On the downside, supports align at $11,700 (August 15 low), $11,500 (20-day SMA) and $11,000 (lower limit of the two-week-old range, Fibonacci 23.6% retracement of July 24 – August 2 rally). 

Bitcoin chart (daily)

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