BTC Price Breaks $12,000 Resistance as YFI Price Dives Towards $9,000 Level

Written by: Dare Shonubi

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Dare Shonubi

Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.

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Aug 18, 2020

Article Highlights
  • Bitcoin breaks $12,000 resistance

  • (YFI) swings bullish again, surpasses $8,000

  • Waves continues gains ahead of $4.5 price level.

The top cryptocurrency by market capitalization, BTC has proven its worth again by surpassing the $12,000 level after several days of sideways movement.

Bitcoin finally broke the long-held price resistance at the $12k level and is marching forward towards $13,000 as predicted by many crypto analysts. Meanwhile, few other altcoins keep performing brilliantly following bitcoin’s market leadership. 

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Our top gainer’s list today features bitcoin moving towards the sub-$13,000 level while YFI records the highest 24-hour gain.

#1. Bitcoin (BTC 3.45% Gain):

Bitcoin is not exactly a top gainer however, the coin is observed to be reaching a decisive point. The top cryptocurrency, according to CoinMarket Cap yields to be the top curreny by market capitalization.

Although its revenue since yesterday is not so elegant when correlated to its top competitions, bitcoin may be getting ready for a new wave of gains. 

Bitcoin (BTC 3.45% Gain)

Bitcoin’s market attention remains overly bullish with roughly 92% of traders eager in extra earnings as the trading day matures.

Bitcoin has been able to double up gains obtained since the last day. As of now, BTC is up 19.9% in the 1-year timeline and also increased 3.0% within the last week.

Technical Points

Bitcoin will likely break the resistance at $12,500 and press forward. Although the RSI is horizontal at the 50.0 level, the coin has broken major resistance at $12,200.

  • The next level of major support is $12,200
  • Next level of major resistance is $12,500
  •  RSI is horizontal at 50.0 and further movement will be determined by the next direction of the RSI.

The coin is now trading at $12,217 amid $225 billion market cap

Also Read: Bitcoin Price Prediction: Will Bitcoin Reach $100,000 By 2020?

#2. (YFI tokens 34% Gain) :

YFI has brilliant market traction within the last 24 hours. Within the last 24 hours, the coin gained around 36% to maintain a week-long market gain which accumulates to 102.7%. (YFI tokens 34% Gain)

At the time of writing this piece, YFI is changing hands at $8,324, which is about 105% change in the biweekly timeframe.

The coin broke the $7,500 resistance level and surpassed the immediate opposition at $8,000. Before midday, FYI tested the price level at $8,500 but failed to break the level properly and fell below to build strong support at $8,200.

Within the last 30 days, FYI gained around 952% to record the most gains amongst the top gainers cryptocurrencies of the ongoing bull season.

Technical Points

Looking at the hourly chart on Binance, YFI seems to be slowing down. The 12-EMA was lost briefly but the 26-EMA held. There are quite a few levels of support for bulls, the first being the 26-EMA and then $9,000.

We are very likely going to see $10,000 as a strong resistance level for the psychology behind it. Additionally, the digital asset is already extremely overextended but FOMO could continue pushing it up in the short term.

Despite the amazing bull run, YFI bulls still managed to set some support levels and indicators are not that overextended.

Also Read : Yearn.Finance Price Prediction 2020. Will YFI Price Reach $20,000?

#3. Waves (WAVES 18% Up):

Waves have frequently made the captions recently. The coin progressed extensively to secure the top gainer’s list today. Waves made roughly 18% profit within the last 24 hours.

Waves (WAVES 18% Up)

The market opinion is bullish for Waves. 80% of traders chose for a buy, stipulating additional upward profit potential for this cryptocurrency.

WAVES has been in earnings since last year. The coin is up by almost 261% in a year and by 197% within the last 30 days. 122% gain was recorded within the last seven days and roughly 6.5% in the last hour.

Technical Indicators

  • Next major resistance at $4.50
  • Next major support level at $4.20
  • Resistance Strength Index rose through the 30.0 oversold condition
  • Bullish ride trends on top of Bollinger indicator.

WAVES is changing hands at $4.20 and its market cap is stable around $437 million.

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Dare Shonubi

Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.

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