Bitcoin Daily Price Forecast (8/28/20) - Will $11,000 Support Hold?

By Crypto Daily FX | Crypto Daily FX | 28 Aug 2020


Bitcoin fell again on Thursday, reaching lower towards the $11,000 level.  

(Aug 27, 2020 8:00 PM EST)

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Based on what the charts are showing us, this is a short term pull back. Fundamentally, nothing has changed; in fact, the US federal reserve chairman Jerome Powell spoke today, which influenced the equity markets, as they are the short term beneficiaries from increased money printing and federal liquidity injections. However, the only real takeaway from the Fed Speak today was that inflation will decidedly continue on an average quarterly basis, not a flat 2% as originally thought. What this means for Bitcoin and other hard assets, is a devaluing of the US dollar overtime, which results in higher prices of assets relative to the USD over time.  

That being said, Bitcoin is a buy on dips with lower prices being better bargains. Look for support at $11,000, and then even more support lower around the $10,000 level. The 50 Day EMA is around there as well and the 200 day EMA not far below around $9,100 or so. It’s next to impossible to time the exact bottom of any pullback; however, it would be smart to dollar cost average in certain levels as Bitcoin drifts lower to continue accumulation.  

I have no interest in shorting and will only add on dips; this is a market that, by all probabilities, is going higher over the next couple years.  

 

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