The Bears don’t have enough strength to send Bitcoin under $ 11K

The Bears don’t have enough strength to send Bitcoin under $ 11K

In the bitcoin market, we witnessed two unsuccessful attempts to shoot down bitcoin below $ 11K last week.

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31 Aug 2020 , 17:44 @ CRYPTOSCARFACE

The Bears don’t have enough strength to send Bitcoin under $ 11K

In the bitcoin market, we witnessed two unsuccessful attempts to shoot down bitcoin below $ 11K last week.

For the last seven days, it looked like a swing on a bitcoin, but in the end the bulls turned it in their favor. In the last analysis, we noted that investors are accumulating bitcoins before another move to $ 12K, and it looks like this phase still persists. This is mainly confirmed by the fact that the bulls defended 2 attempts to reverse the price and did not allow it to go lower than $ 11,117 (binance).

The support in the area of $ 11K has thus been confirmed on the market, and currently the price is already rising towards $ 12K area.

Technical analysis:

  • Current support at $ 11K
  • 2x support confirmation for $ 11K
  • Major resistance at $ 12K
  • MACD neutral
  • RSI approaches the area overbought on hourly time frames, 1D is neutral

Read also: SBI Holdings brings the first Crypto CFD trading to Japan

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