Three days have passed since the beginning of September, and the price of Bitcoin has been accompanied by many ups and downs during these three days. However, many analysts say the current price trend is unclear and will have to wait to determine exactly.
Bitcoin new monthly candlestick was registered amid a wave of optimism. The August candle closed at more than 11,500$, unprecedented since the 2017 peak. Traders, on the other hand, believe that caution should be exercised in the short term, given the sudden increase in market sales.
In the last 24 hours, each bitcoin unit has experienced a price reduction of more than 6%, and the price of ETH has fallen by 10%. Following the failure of the digital currency market to climb further, no clear trend can be set for market sentiment.
Some traders believe that the price of Bitcoin is likely to fall and reach support of 11,000. If the price falls below 10,500$ and stabilizes in this range, the probability of starting a downtrend will increase. Traders often see the 11,000$ and 11,700$ levels as key points for the price of Bitcoin. From a technical point of view, if Bitcoin stays below 11,000$ for a long time, the downside can be considered high. On the other hand, stabilization in the area above 11,700$ promises a jump.
http://s11.picofile.com/file/8407558692/78980489a7dcef02ffacc76c11dcb8c1_1024x688.png
DonAlt, one of the leading Bitcoin traders, believes that the price trend of Bitcoin is still unknown; Because now the price trend may change. According to him, closing the price above 11,700$ or below 11,000$ could determine its trend in the future. He adds:
Nothing is lost for market buyers yet, [if] the price closes above the level of 11,770, I will expect a sharp jump towards the moon. Closing the price below 11,700 and selling in this area [for investors] will be attractive. A loss of 11,000$ equals a return. As long as this price range is maintained, prices are expected to rise.
Given the growing focus on the option market since the beginning of 2020, it can be said that this trend could affect the upward trend of bitcoins.
The performance of the dollar index in the last quarter of 2020 could be the most influential factor in the bitcoin trend, both up and down. As the dollar index reversed in key areas, gold also fell. Gold fell 3 percent in two days. The 3% drop in gold is strange while such fluctuations are not normal for this precious metal.
However, it cannot be said with certainty that an increase in the dollar index by the end of 2020 could strengthen the downtrend; Because the upward factors are enough to diminish the effects of the rising dollar index. Traders are now talking about a conservative approach to the uptrend. It remains to be seen whether the 10,500$ to 11,000$ support range will be maintained, after which a better view of the future Bitcoin price trend can be made.
Thank you for reading this analysis. Good luck and be proud.
Bitcoin new monthly candlestick was registered amid a wave of optimism. The August candle closed at more than 11,500$, unprecedented since the 2017 peak. Traders, on the other hand, believe that caution should be exercised in the short term, given the sudden increase in market sales.
In the last 24 hours, each bitcoin unit has experienced a price reduction of more than 6%, and the price of ETH has fallen by 10%. Following the failure of the digital currency market to climb further, no clear trend can be set for market sentiment.
Some traders believe that the price of Bitcoin is likely to fall and reach support of 11,000. If the price falls below 10,500$ and stabilizes in this range, the probability of starting a downtrend will increase. Traders often see the 11,000$ and 11,700$ levels as key points for the price of Bitcoin. From a technical point of view, if Bitcoin stays below 11,000$ for a long time, the downside can be considered high. On the other hand, stabilization in the area above 11,700$ promises a jump.
http://s11.picofile.com/file/8407558692/78980489a7dcef02ffacc76c11dcb8c1_1024x688.png
DonAlt, one of the leading Bitcoin traders, believes that the price trend of Bitcoin is still unknown; Because now the price trend may change. According to him, closing the price above 11,700$ or below 11,000$ could determine its trend in the future. He adds:
Nothing is lost for market buyers yet, [if] the price closes above the level of 11,770, I will expect a sharp jump towards the moon. Closing the price below 11,700 and selling in this area [for investors] will be attractive. A loss of 11,000$ equals a return. As long as this price range is maintained, prices are expected to rise.
Given the growing focus on the option market since the beginning of 2020, it can be said that this trend could affect the upward trend of bitcoins.
The performance of the dollar index in the last quarter of 2020 could be the most influential factor in the bitcoin trend, both up and down. As the dollar index reversed in key areas, gold also fell. Gold fell 3 percent in two days. The 3% drop in gold is strange while such fluctuations are not normal for this precious metal.
However, it cannot be said with certainty that an increase in the dollar index by the end of 2020 could strengthen the downtrend; Because the upward factors are enough to diminish the effects of the rising dollar index. Traders are now talking about a conservative approach to the uptrend. It remains to be seen whether the 10,500$ to 11,000$ support range will be maintained, after which a better view of the future Bitcoin price trend can be made.
Thank you for reading this analysis. Good luck and be proud.