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Bitcoin Price Prediction: BTC/USD Reaches Crucial Support above $11,400 as Uptrend Resumption Is Imminent

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Bitcoin (BTC) Price Prediction – August 22, 2020
BTC/USD  has already tested the 1.272 Fibonacci extension level which is the equivalent of $12,400. It is now approaching the 78.6% Fibonacci retracement level. Certainly, BTC is trading in the crucial support levels of the market.

Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

The king coin has made deep retracement and has entered the crucial support regions of $11,400 to $11,600. The crypto is falling and approaching the low of $11,300. Usually, at the crucial support levels, the market will hold, giving the bulls to buy the dips. Bitcoin will resume upside range momentum. However, BTC is falling and approaching the 78.6% Fibonacci retracement level. This level is between $11,300 and $11,400.

Nonetheless, the coin is likely to resume uptrend if price falls into the range of $11,300 and $11,400. However, if the BTC falls below $11,300, there is every tendency that the market will reach $11,100 or $10,800. Conversely, if price falls above $11,300 and rebounds, Bitcoin bulls will resume uptrend and attempt to push the price to the $12,000 overhead resistance. The king coin is at level 52 of the Relative Strength index period 14. It is a little above the centerline 50 and likely to rise.

Barstool Sports Founder- Dave Portnoy Exits Trading Bitcoin After $25k Loss
Dave Portnoy has expressed his lack of knowledge on crypto and he seems not yet ready for trading Bitcoin. In its August 21 video which was posted on Twitter, he said “I am getting killed right now in Bitcoin. I went in, I lost money — that’s what’s happening in Bitcoin,” he added. He tweeted later in the day on August 21 of his exit from BTC after a loss of $25,000 on trade. People have commented on Portnoy‘s Bitcoin departure that he should have remained strong during asset falling prices.

BTC/USD – Daily Chart

Nevertheless, BTC is still falling and trading marginally. The king coin is approaching the $11,400 support. It is likely to take a strong bounce at the current support. The price action has indicated bullish signals at the time of writing.

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