Bitcoin another round of sell off is awaiting

2020年9月4日BITCOIN
After reaching the 12000.00-mark cluster of resistance were formed at this level. In this consolidation phase we can see the series of pattern shows that the rise and big falling of the price.

The price is trading below the 50,100,200 exponential moving average in four-hour timeframe. Bitcoin has lost almost 2000$ for 1BTC in a single trading week.

And find some minor support near 10000.00 level. We can expect a short term rebound of the price towards 11000.00 level there some recent resistance zones are formed.

Just above that price around 11500.00 23.6% Fibonacci level will acting as resistance for bullish run. From this level we can short this pair and the potential take profit will be around 9000.00 mark which is coincide with 50% Fibonacci level

Please give us a thumbs up if u like our work and do follow us so that you can get a regular update about upcoming setups and ideas

Disclaimer
It’s not a financial advice. Do the analyze and take a decision.