Bitcoin (BTC) Price Analysis for August 24

Price Predictions
Mon, 08/24/2020 - 13:54
Denys Serhiichuk
Is Bitcoin (BTC) ready to continue the rise?
Bitcoin (BTC) Price Analysis for August 24
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The new week has begun with the reverse of most of the coins. All Top 10 cryptocurrencies are in the green zone, while the top gainer is Polkadot (DOT), whose rate has risen by almost 10%.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

The sharp rise of altcoins has affected the dominance rate of the leading crypto, which has declined and is now at 57.5%.

BTC’s market share
BTC’s market share

The key Bitcoin data today:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $217,611,058,344

  • Price: $11,782.10

  • Volume (24h): $20,920,678,878

  • Change (24h): 1.95%

The data is relevant at press time.

BTC/USD: Have bulls accumulated enough energy to update peaks?

Yesterday morning, Bitcoin (BTC) price consolidation in the mid-range area took too long and buyers were unable to break through the resistance of the two-hour EMA55.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

During the day, sellers pushed the pair below the POC line ($11,740), at night the pressure increased, and this morning the Bitcoin (BTC) price tested the 50% Fibo level ($11,394).

Related BTC, ETH, ADA, and LTC Price Analysis for August 23
Related
BTC, ETH, ADA, and LTC Price Analysis for August 23

If the 50% Fibonacci level fails to cope with the support, then the next closest level that can still stop the bears is the $11,200 level. Its breakout may lead to the pair leaving the ascending channel, the lower border of which is the blue trend line. In this case, the price will roll back below the level of $10,500.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the 4H time frame, Bitcoin (BTC) has entered a short-term bullish phase after it successfully bounced off the support at $11,400. The buying trading volume has also increased, which confirms the bulls' presence. Thus, the lines of the MACD indicator have changed to green. This means that bears have lost short-term initiative. In this case, the more likely scenario is a continued rise to the area of $11,900-$11,950 shortly.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily chart, the situation is not so positive. The trading volume keeps declining while the rate of Bitcoin (BTC) remains in the same price range. The liquidity level is also low which confirms the inability of bulls to continue the growth wave. All in all, if buyers cannot get to $12,000 soon, there is a high chance of seeing a drop to $11,000 by the end of the month.

Bitcoin is trading at $11,778 at press time.

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.