Bitcoin Daily Price Forecast (8/18/20) - Bitcoin Explodes through Local Resistance

By Crypto Daily FX | Crypto Daily FX | 18 Aug 2020


Bitcoin rallied to start off the week Monday, piercing through the near-term $12,000 resistance level, before settling around $12,330 USD. This should come as no surprise, as the overall macro environment and Bitcoin's continually improving fundamentals and technicals are a recipe for higher prices relative to fiat currencies. 

(Aug 17, 2020 8:00 PM EST)

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Bitcoin markets have rallied during the trading session on Monday, originally reaching up to the $12,500 level before the sellers came in, settling the price around $12,300. This is not a particularly significant level en route to the 2017 all-time highs of $20,000, however, as Bitcoin continues to make higher highs, that means previous resistance areas should become new support levels. If BTC can hold onto the $12,000 level, this should set the stage for a run up to its next target: $14,000. 

The $10,000 level underneath should offer significant support with the rising 50 Day EMA and $10,000 being a large, round psychological number to market speculators. Longer-term support should be around the 200 Day EMA around $8,900-$9,000, which also happens to be roughly the 50 Week EMA.  

Ultimately, this market is going higher and remains on a buy-the-dip scenario until the trend changes, which I don't forsee happening anytime soon. The Federal Reserve continues to unabashedly declare its money printers will continue to add billions, if not trillions, of new fiat currency into the market indefinitely, which should benefit all those holding assets with fixed or limited supply, and harm those in cash or without assets. If you're not in Bitcoin, it's not too late, but as it's a younger and more volatile asset class, it moves fast in both directions. If you're a Bitcoin believer or on the fence, you may not get too many more opportunities before the mainstream finally concedes and buys in, and you find yourself buying high, hoping to sell even higher later. The investor community at large has had 3 years of bear market to get in at a healthy discount, and anyone who's bought Bitcoin in the 12 last months is cheerfully in profit.

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