Bitcoin has bounced from its main underlying support. ADA, ATOM and FIL should all be able to help it break out. Bitcoin (BTC), due to weakness in the US stock markets, fell below $20,000 on September 2, while the bears held the price below $20,000 over the weekend. According to CoinMarketCap data, this brought Bitcoin’s market dominance down to 39% on September 4, the lowest level since June 2018. Volumes have increased by 18%, which is more than the average for this asset. BTC’s dominance has fallen to 38.72%.
BTC traded at $19,885 as of the writing.
Chart for Bitcoin (BTC).
With low volumes, Bitcoin hovered just below the $20k mark over the weekend. The asset traded in a Rising Channel’ pattern on a daily basis and had a breakout on the downside the 26th of August. BTC traded sideways after this move in a narrow range of $19,500-20,500, forming a “Rectangular Pattern”. The trend will be further determined by breakouts on either end of the range. BTC is supported at $19,500 and $17500. $20,750, $22,000 and $22,000 will be strong resistance.
Support 2Support 1AssetResistance 1Resistance 2$15,500$17,500BTC$20,750$24,500
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