Bitcoin Critical Support Level Mapped ($11100 - $11200)

3 Sep 2020

Bitcoin (BTCUSD) is now aiming lower with multiple indicators showing bearish signals... It all depends on this next "critical support" level.

The price for Bitcoin on the 4H timeframe is facing resistance at the EMA200 brown line.
Right below this level, we have EMA300 as strong/critical support.
This level decides what happens next.

The range goes from $11100 to $11200.

Below this level, the bearish bias becomes stronger and we can easily see lower prices.

Above this level, there is the potential for a bounce and for Bitcoin prices to move back up...
But we have multiple bearish signals, let's have a look at those:

1) Prices trading below MA200 as well as EMA10/50/100/200.
2) EMA50 and EMA100 bearish cross.
3) MACD moving below zero while trending lower. Red histogram.
4) RSI now below 40 sitting at 35, which is weak/bearish.
5) The critical support level hit 3 times already within 10 days.

The charts are always changing of course... So make sure to build your own plan/strategy before you trade.

This is not financial advice.

See here for a long-term timeframe (daily) analysis...
Bearish Bitcoin Confirmed! ($9600 Next?) Altcoins?

Remember to hit LIKE! 😄🙏🏼

Namaste.

3 Sep 2020

Nota

$9987 so far... Can go lower.
So watch out.