BTC-Insidebitcoin-2.png

Bitcoin Price Prediction: BTC/USD Loses Crucial Support at $11,200 as BTC Makes a Correction


Bitcoin (BTC) Price Prediction – September 3, 2020
Following the recent breakdown on September 2, price corrected upward and resumed consolidation between $11,200 and $11,400. This is an indication that the market is taking a breath. Besides, the $11,200 has been broken as BTC/USD makes a deeper correction.

Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

About 48 hours ago, the price action has already indicated a bearish double top formation before Bitcoin plunged to $11, 200. In other words, BTC depreciated by $850 within three hours of the downward move. On the 1-hour chart, the bulls have earlier broken the $12,000 resistance with a rebound above the $11,900 support. The Bulls retested the overhead resistance before the final push on the downsize. After the breakdown, BTC could not survive as one of the crucial support levels at $11, 200 was broken.

On the upside, for continuity of the upside momentum, buyers must push BTC above $11,500 or above the EMAs. Nonetheless, after Bitcoin fell to $11,200, the price corrected upward but resumed consolidation above the current support. BTC price has resumed consolidation between $11,200 and $11,400. However, the selling pressure continued as the bears broke below the $11,200 support.

Pro-Bitcoin politicians under persecution in Russian
Some pro-Bitcoin politicians are being persecuted in Russia because they accepted Bitcoin as donations. Secondly, they are accused of political activists who oppose the Russian government. The pro-Bitcoin politician accepts crypto currency as donations because of the fear of seizure of their aid by the government. For weeks now, pro-Bitcoin and anti- Putin activists have been attacked physically. The first on the attack list is the opposition leader Alexei Navalny who was poised. Also, on August 31, a prominent blogger Yegor Zhukov was beaten near his home by government supporters. Navalny has been regarded as the biggest challenge to President Putin for over a decade. Both men have become Bitcoin supporters out of necessity.

BTC/USD – 4 Hour Chart

Bitcoin is trading above $10,800 at the time of writing. The bears have broken the $11,200 crucial support level as price drops to $11,000. Now that the bears have broken the $11,000 support level, the selling pressure will reach a low of $10,400. However, as the U.S dollar gets stronger, Bitcoin will be compelled to decline.



Source link

Share on facebook
Share on twitter
Share on linkedin

You may also like

Hot News

TRENDING NEWS

follow us

Photo