Bitcoin (BTC) Price Prediction for August 16
Saturday has started with the correction of some coins, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has fallen by 0.4% since yesterday.
On the hourly chart, the price of BTC is rising after a false breakout of the local support of $117,394. If the growth continues, one can expect a test of the resistance by tomorrow.
On the bigger time frame, the picture is less bullish. The rate of the main crypto is closer to the support level, which is a bearish signal.
If a breakout of the $117,201 mark happens, the accumulated energy might be enough for a drop to the $115,000-$116,000 range.
From the midterm point of view, the price of BTC has made a false breakout of the $123,236 level. If the weekly bar closes far from that mark, bears may seize the initiative, which may lead to an ongoing correction to the $112,000 area.
Bitcoin is trading at $117,837 at press time.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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