Falling short of the first major resistance level at $12,305 Bitcoin slid to a Tuesday intraweek low $11,137.0.

Bitcoin fell through the first major support level at $11,205, Bitcoin a moving back through to $11,700 levels on Sunday.

4 days in the green that included a 2.07% gain on Sunday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid a fall through $11,571 pivot to support a run the first major resistance level at $12,006.

Support from the broader market would be needed for Bitcoin to break out from last week’s high $11,847.

Barring an extended crypto rally, the first major resistance level and last week’s high would likely cap any upside.

In the event of a breakout, Bitcoin could test the second major resistance level at $12,281. Expect plenty of resistance at $12,000, however.

Failure to avoid a fall through the $11,571 pivot would bring the first major support level at $11,296 into play.

Barring an extended sell-off, Bitcoin should avoid sub-$11,000 and the second major support level at $10,861.

In the event of a sell-off, expect support at $10,500 to be tested in the week.

At the time of writing, Bitcoin was down by 0.02% to $11,727.2. A mixed start to the week saw Bitcoin fall to an early Monday morning low $11,713.0 before rising to a high $11,744.0.

Bitcoin left the major support and resistance levels untested at the start of the week.

(Excerpt) Read more Here | 2020-08-30 18:51:29
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