October 29, 2020

Bitcoin price analysis: BTC/USDT losing traction & may revisit $11,000

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Flash Alert: Monday 12th August

Bitcoin price may revisit $11,000 level

  • BTC/USDT price (at the time of writing) is $11,405.62 on Binance;
  • BTC/USDT momentum has continued to fizzle (as identified on my previous Flash Alert on Wednesday 7th August);
  • The price of BTC/USDT is seen struggling at 7-day moving average of $11,717.8, which coincides with the regression line mid point;
  • Failing to close above the 7-day moving average by Wednesday may see the price of BTC/USDT retreat below the $11,000 level to hit potential support around the $10,800 – $10,950 range;
  • Bullish Moving Average Convergence Divergence (MACD) crossover is beginning to lose momentum;
  • Notwithstanding the small short-term pull back we have seen over the past week, the long-term bullish uptrend remains intact;
  • Short term technicals for BTC/USDT are turning bearish and further downside looking likely; BTC/USDT may breach $11,000 within this week.
  • A follow up to this Flash Alert is found here.

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