BTC lost its grip on any continuation of the rally that took prices from approximately $9,500 - $11,500. There seems to be strong resistance at $12,300 that is putting a stop to any further upside movement. At the same time the low today was not only very interesting because it was within dollars of the lows that were hit seven times last month at approximately $11,200.
BTC futures closed out last month with a small increase for the month. That was enough of a gain that the close for August was second only to June 2019. A more bullish picture is almost finished being drawn out as well on a monthly candlestick chart due to prices above the Ichimoku cloud which has indicated massive rallies in Bitcoin before.
Bitcoin seems posed to hover around $11,500 until a major breakout occurs. Just as BTC has done three times since March I expect a move of $1,000 or more to be the most likely way for BTC to exit the sideways trading it is currently in.
Bitcoin futures just like gold were expected to pop higher after yesterday’s ‘non-event’ speech by Chairman Powell. Both assets however dropped sharply yesterday to the surprise of many traders.
As Cointelegraph reported ~
“It could have been the confluence of the market pricing in the Jackson Hole symposium and the lower-than-expected inflation rate.
Today Bitcoin futures once again found resistance at the level it had broken above on Monday of last week. This level is the 23% retracement from 2019’s highs and comes in at $11,900. Currently BTC futures are up fractionally on the day and pegged at $11,760.
