Bitcoin Pullback - Support Will Keep It Above $11K For Now!

campfire (48)in #bitcoin • 4 years ago

Screen Shot 2020-08-19 at 3.45.30 PM.png

Today we got a slight pullback on Bitcoin's price just as we predicted would come yesterday. The good news is that we still see a number of support levels all the way down to $11K. After that we'd be moving down closer to our $10K mark (probably around $10,8000), but we've got a long way to go to get to that level and a lot of support before it!

Screen Shot 2020-08-19 at 3.29.16 PM.png

Looking at the charts, things look pretty similar to yesterday. Not a lot of has changed despite the slight pullback which was expected. There is definitely some sell pressure at $12,000 and above.

There have been a few profitability studies floating around suggesting that the vast majority of purchased Bitcoin is in profit above $12,000 USD. Which means there will be continued sell pressure at that level and will be a big ceiling to break through and beyond for BTC.

That's it for now!

Keep watching the charts! 📈

Please note : this is opinion and should not be taken as financial advice.

#btc #crypto #price #chart #analysis