Investors are Accumulating Bitcoins before another move to $ 12K

Investors are Accumulating Bitcoins before another move to $ 12K

Although the Bears sent Bitcoin under $ 12K, it looks like we will soon try to beat this price range again.

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24 Aug 2020 , 17:52 @ Matey Salt

Investors are Accumulating Bitcoins before another move to $ 12K

Although the Bears sent Bitcoin under $ 12K, it looks like we will soon try to beat this price range again.

In the last analysis, we noted that if the bulls want to continue riding upwards, they need to create a new support for $ 12K within 24 hours, and unfortunately they did not succeed. The bears sent bitcoin under $ 12K the next day and fell until it stop at $ 11,376 (binance). The resistance at $ 12K thus seems to be a strong obstacle, as evidenced by the second rebound down from this area this month.

At present, however, it does not look bad at all on the market, because the mentioned RSI indicator, which was last time overbought on almost all TFs, has already been reset. We also have statistics here which confirms fact that Number of Bitcoin Whales are increasing and addresses with balances over 1K BTC hits a new record.

All of this suggests that accumulation is underway and that bitcoin will likely try to beat $ 12K again soon.

Technical analysis:

  • Current support at $ 11K
  • Key support at $ 10,500
  • Strong resistance at $ 12K
  • 2x Rejection from the $ 12K area
  • If will be bitcoin rejected at $ 12K for the third time in the near future, it will probably mean a price reduction to $ 11K and possibly lower
  • 1D MACD bearish divergence

Read also: Traders currently Held on Exchanges 2.6M BTCs

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    Matey Salt

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