Bitcoin Price Analysis Aug 31 – Sep 5

Bitcoin needs a breakout and avoids a repeat of reversal to support the market in the green.

Bitcoin Last Week

Ending the week was not as expected, Bitcoin only increased slightly by 0.57%. But this is also remarkable compared with the 2.19% decrease a week earlier. According to the data, at the end of August 30, Bitcoin stopped at $11,730.

Like in previous weeks, Bitcoin usually bounces back on the first day of the week. Specifically, the highest level of the week was $11,847 belonging to the last Monday. But then it turned down again and lost the previously expected resistance level of $12,305. On the next day, Bitcoin plunged to an intraday low of $ 11,137. At the same time, it also broke the first support level of $11,205.

Then what? The following days of the week, Bitcoin increased steadily. the highest increase was 2.07% on Sunday.

Bitcoin Next Week

The first resistance level was set for Bitcoin this week at $12,006, to do this Bitcoin should not repeat its turnaround, avoiding the support at $11,571.

In order for Bitcoin to surpass last week’s highest at $11,847, the market must become more active and breakout.

If the market is still bleak and cautious, it will be difficult for a price breakout, as well as new milestones.

In the event of a breakout, Bitcoin could test a second major resistance level at $12,281. However, expect more resistance at $12,000.

If it slides to $11,571, the first support at $ 11,296 will appear.

In the event of a sudden sell-off, it is advisable to avoid below $11,000, then the second support of $10,861 will come into play.

At the time of writing, Bitcoin is down 0.02% to $11,727. There’s also no clear signs yet, let’s wait and see in the coming days whether there will be a breakout or Bitcoin still remains in place?

Source: FX Empire