CRYPTONAIRE
WEEKLY CRYPTO investment journal
CRYPTO TRADE OPPORTUNITIES BITCOIN - BTC/USD
The bears attempted to sink Bitcoin below the immediate support of $11,100 on August 25 and 27 but failed as aggressive buying by the bulls resulted in a rebound that has pushed the price above the 20-day EMA. However, the momentum has not picked up, which shows that the demand dries up at higher levels. The 20-day EMA has flattened out and the RSI is just above the midpoint, which suggests a balance between supply in demand. In such a case, the price action remains stuck in a range without any specific direction. Still, if the bulls can sustain the price above the 20-day EMA, a move to the overhead resistance of $12,134.29 and then to $12,486.61 is likely. The bears will try to defend this resistance zone aggressively. If the price turns down, then the range-bound action will continue. However, if the bulls succeed in pushing the price above $12,486.61, the uptrend is likely to resume with the first target at $13,000 and then $14,000. As the BTC/USD pair is stuck in a small range of $11,100 to $12,134.29, short-term traders can buy near the support and sell near the resistance. Another opportunity could open up after the bulls propel the price above $12,500. Until then, we suggest traders remain on the sidelines. Cryptonaire Weekly | September 1st 2020
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