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Bitcoin Price Prediction: BTC/USD Loses Crucial Support at $11,200 as BTC Makes a Deeper Correction

Bitcoin (BTC) Price Prediction – September 3, 2020
Following the recent breakdown on September 2, price corrected upward and resumed consolidation between $11,200 and $11,400. This is an indication that the market is taking a breath. Besides, the $11,200 has been broken as BTC/USD makes a deeper correction.

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

BTC/USD – Daily Chart

About 48 hours ago, the price action has already indicated a bearish double top formation before Bitcoin plunged to $11, 200. In other words, BTC depreciated by $850 within three hours of the downward move. On the 1-hour chart, the bulls have earlier broken the $12,000 resistance with a rebound above the $11,900 support. The Bulls retested the overhead resistance before the final push on the downsize. After the breakdown, BTC could not survive as one of the crucial support levels at $11, 200 was broken.

On the upside, for continuity of the upside momentum, buyers must push BTC above $11,500 or above the EMAs. Nonetheless, after Bitcoin fell to $11,200, the price corrected upward but resumed consolidation above the current support. BTC price has resumed consolidation between $11,200 and $11,400. However, the selling pressure continued as the bears broke below the $11,200 support.

Pro-Bitcoin politicians under persecution in Russia
Some pro-Bitcoin politicians are being persecuted in Russia because they accepted Bitcoin as donations. Secondly, they are accused of political activists who oppose the Russian government. The pro-Bitcoin politicians accept crypto currency as donations because of the fear of seizure of their aid by the government. For weeks now, pro-Bitcoin and anti- Putin activists have been attacked physically. The first on the attack list is the opposition leader Alexei Navalny who was poison. Also, on August 31, a prominent blogger Yegor Zhukov was beaten near his home by government supporters. Navalny has been regarded as the biggest challenge to President Putin for over a decade. Both men have become Bitcoin supporters out of necessity.

BTC/USD – 4 Hour Chart

Bitcoin is trading above $10,800 at the time of writing. The bears have broken the $11,200 crucial support level as price drops to $11,000. Now that the bears have broken the $11,000 support level, the selling pressure will reach a low of $10,400. However, as the U.S dollar gets stronger, Bitcoin will be compelled to decline.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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