Bitcoin (BTC) Price Analysis: August 29, 2020

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Small increases in prices started to occur in the crypto money market. On the Bitcoin (BTC) chart, we are currently seeing a slow increase. Analysts say it would be too early to talk about a strong drop, as long as the $ 10,500 support is not broken, even if there is a drop.

BTC / USD bears hit the market earlier today, according to analyst Rajarshi Mitra on FXStreet. BTC / USD is currently stuck between heavy resistance and support levels.

BTC / USD took control of the market as the price consolidated itself above the $ 11,500 mark. At the time of writing, the BTC price was trading at $ 11,558. According to the analyst, the cryptocurrency is stuck between strong resistance and support levels. On the upside, we have a strong resistance stack from $ 11,530 to $ 11,700 with a one-day Fibonacci 23.6% retracement level, a one-week Fibonacci 61.8% retracement level and a one-day Previous High. On the downside, there is a support stack of $ 11,400- $ 11,515.

Will Bears or Bulls Win?

According to another analyst Dalmas Ngetich, Bitcoin is returning after the price drops to about $ 11,300. Still, the cryptocurrency is following the USD and has dropped three percent last week, according to the analyst. Technically, the bears are in control in the short term.

Exceeding the support area with a consolidation of bids below $ 11,110 could point to further declines, analyst Denys Serhiichuk said in an analysis last day. With a break only at $ 11,970, growth should be expected to resume. From its name, the price should turn into the channel and move beyond the nearest significant resistance, the analyst says.

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