Bitcoin Technical Analysis 20 August 2020


Bitcoin, the leader of the cryptocurrency world, experienced a serious and necessary correction after its $ 12,400 peak on Monday. This correction resulted from selling pressure against the dollar, but after this correction, a bullish move is likely on the table. Although it is possible to understand from the weakness of the body size of the last candle that this correction, which is stuck with the Fibonacci 50% retracement, will not decrease to 61.8%, the fact that the value in question is Bitcoin also brings to mind the necessity of being open to all kinds of surprises.

In this context;

It would be appropriate to say that the price, which successfully broke the resistance points that it constantly encountered during the moves out of the triangle while continuing its upward trend, after a few tries, will try to break the $ 12,000 resistance again and quickly. Following the success of this trial, the first leg of the table that will emerge will be the $ 13,000 trial, the success of this trial will mean that there is no significant obstacle to overcome the $ 14,000, which is the last peak. $ 12,000, $ 13,000 and then $ 14,000 tests are highly likely to happen this week.

The Bitcoin price, which has been in a decisive upward movement since June 21, has been successfully holding on to the MA20, which is a serious reference to itself, and the Fibonacci 50% value is exactly the same as the price will continue to rise despite the last three days of declining acceleration. emerges as another indicator. It is important to keep track of whether the price will drop below the Fibonacci 50% level, as the last candlestick’s body breaking below 50% of Fibonacci may open up the possibility of breaking 61.8%, one of the most important Fibonacci numbers.

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According to the GMMA, which consists of multiple moving averages, the upward movement of the price will continue. Even though the short-term moving averages (green) have broken their necks down, the distance between the long-term moving averages (red) and their upward direction is a sign of the continuation of the ongoing trend. At the same time, the fact that the distance between the short and long term averages is too great indicates that the short term moving averages will experience a weak break.

Although there are many more data that can be said with the help of technical analysis tools for the Bitcoin price, which we look at in general, even these few tools we use confirm the continuation of the rising trend.

What should not be forgotten here is that the price of Bitcoin is at a critical level and that it has experienced serious returns from this level in its past. Therefore, even if the uptrend is approved, it will be necessary to be prepared for the possibility of the opposite. As it is known, we are faced with a crypto currency that is famous for its moves that leave many important analysts in reverse as well as many investors.


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