Bitcoin Daily Price Forecast (8/26/20) - A Sea of Red

By Crypto Daily FX | Crypto Daily FX | 25 Aug 2020


Bitcoin pulled back again on Tuesday, moving lower near the $11,000 level below. This is an overall short-term bearish sequence of candles that, in the grand scheme of things, is a measured consolidation move after making recent higher highs, as far as we can tell.

(Aug 25, 2020 8:00 PM EST)

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Bitcoin fell again, giving back the $11,500 level as exhausted buyers take profits and sellers continue to sell a slightly overextended market. $12,000 appears to be acting as firm resistance, but from what the charts are telling us, this isn't a cause for the concern, as Bitcoin is still well within the definition of an uptrend and has made higher highs since March to prove it. For now, a pullback probably makes sense for a healthy Bitcoin market. 

Interestingly enough, and we've mentioned this before: Bitcoin continues to trade almost in lockstep with gold and sometimes even equities, both of which fell today during the US trading session. This makes sense as both assets serve as fixed-supply assets and monetary hedges against government quantitative easing and the current macro environment of endless money-printing. For the now, it might make sense to sit back and let the markets tell us what they're going to do next and wait for a clearer picture. I'm still a buyer on dips and am looking to add closer to the 50 Day EMA around $10,500 and the 200 Day EMA around $9,150 below, although I suspect $10,000 should offer massive support and would treat anything below as a welcome discount.

Economies around the world seem to have no hesitation whatsoever while they continue to print billions of dollars, which, if you've paid attention to, hell, any market recently, everything just seems to go up. Every dip is a buy, and why not? This is the new reality, and anyone holding assets will benefit from fiat inflation, so you might as well do the same.

Disclaimer: This is not financial advice. 

 

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