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
Disclaimer: This report should not be regarded as investment advice. It does not consider the financial situation, investment goals or needs of investors. When deciding whether an investment is right for them, all investors should take into account these factors and consult with a professional advisor. This report was prepared by the Company using information that it has access to, as well as information from public sources that have not been independently verified. The Company makes no representations or warranties, either express or implied, regarding the accuracy, reliability, completeness, correctness, completeness, or reliability of any information, opinions, or conclusions contained herein. This report is preliminary. The Company does not assume any obligation to revise or update the reports in response to new events or circumstances after the date of the report was made. Trading & Investments in cryptos viz. Bitcoin Cash, Ethereum, and other cryptos are highly speculative investments that can be subject to market risk. The Author’s analysis is intended to be informative only and should not serve as investment advice.