Bitcoin Price Analysis — 20th Of August

Azeez Mustapha

Updated:

Unlock Daily Forex Signals

Select a Plan

£39

1 - month
Subscription

Select

£89

3 - month
Subscription

Select

£129

6 - month
Subscription

Select

£399

Lifetime
Subscription

Select

£50

Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored
Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.

Bitcoin got some attention a few days ago after it reached a 2020 high of $12,475. That leg up seemed pretty solid as Bitcoin seemed to stay above $12,000 longer than it had any time this year. However, bears later swung into action, sending the cryptocurrency down by about $1,000 over a few days.

The global cryptocurrency market remained depressed into today’s session as the market shed another $11 billion.

It appears that Bitcoin has now slipped below an ascending channel that has been prevailing for close to a month now on our 4-hour chart. The base of the channel, which was a former support level, has now turned into a resistance for BTC to defeat before reaching $12k again.

BTCUSD – 4-Hour Chart

Key Levels to Watch

As mentioned above, BTC continues to struggle beneath the channel resistance around $11,890. Bulls have to push the benchmark cryptocurrency back into the channel before panic selling is triggered.

Immediate support can be found at the 100 simple moving average ($11,744), where Bitcoin should be able to find a good bounce if it drops further in the near-term.

A continuation in decline should activate the $11,650 support and subsequently the $11,400 level. Finally, the last safety net for bulls is the $11,000 psychological line. A break below that level could trigger a massive sell-off.

On the flip side, the first line of defense is the 21 simple moving average ($11,966) and subsequently the $12k mark. Next up is the $12,100 followed by the 12,350.

On our MACD indicator, we can see that Bitcoin is building up steam to attempt the $12k level once again.

Total market capital: $373 billion

Bitcoin market capital: $219 billion

Bitcoin dominance: 58.7%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *