Bitcoin has hit another low. How long before it breaks $12,000?


August 30, 2020
bitcoin price trending

Bitcoin's performance yesterday was uneventful. Until late in the evening, after Federal Reserve Chairman Colin Powell's speech, Bitcoin was off a roller coaster ride. After a strong rally to near $11,585, it was subdued by the day's track and then made a strong correction, eventually breaking below support at $11,200 and bottoming out at around $11,110.

Late yesterday, spot gold breached $1970 / ounce, up more than 0.9%. Gold's rally has seen bitcoin soar from around $11,580 to $11,585, then fluctuate wildly for a short time before falling back to near its starting point of $11,300.

In fact, it is not hard to see that bitcoin and gold are closely related. More and more people regard Bitcoin as another safe haven product. Although Bitcoin and gold have more similar properties, bitcoin may not completely replace gold as a safe haven product at present.

Then in the early hours of the morning, bitcoin fell again, hitting a low near 11, 100, before rallying again after gaining support. At present, the price is around 11400, the range of continuous fluctuation has been a long time, but the top still failed to break through 11600. And the lower low has been broken in the first half of the week, so in the short term the overall trend is still bearish.

Looking from the daily line, yesterday bitcoin closed the negative line, the brinbelt continued to run under the track, after the rebound to the resistance level quickly fell back, the short energy remains unchanged. After hitting a low of $11,126 in the early hours of the morning, it began a pullback to its current level of around $11,400, but this was a short-term pullback.

And the daily line has broken the previous support level, and lower and lower. The MACD fast/slow line is still running down above the zero axis and short energy has shrunk somewhat. But yesterday closed for the big negative line, so from the trend, basically can be positioned to continue to decline.

At present, a strong pressure level has been formed near the upper 11450. The intraday short-term resistance is around $11,440 and the strong resistance is within the range of 11,450 to 11,500. Short term support around $11,100, once it breaks this level, it will most likely be around 11,000 or even further down.

From the point of view of 4 hours, the brineland opening downward, K line is currently running on the upper track of the brineland, but the upper pressure is pressing downward, yesterday's short-term rebound may not affect the change of the trend. The MA5 and MA10 averages are about to cross, with a high probability of touching around 11,000 below if a deadlock occurs today. As a whole, the upward pressure is very high and it is difficult to break through the upper resistance level.

In the long run, after bitcoin broke through $12,000, the market's bullish direction may be clear. But in the upward process, certainly not so smooth, will not immediately go up to more than $12,000; But in the shock, lure empty, insert the needle and so on in the different market method slowly upward, this needs a certain amount of time to complete this step.

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