- Bitcoin Breaks Psychological Barriers at $20,000
- A slight increase in trades remains on the volume profile indicator.
- The invalidation of the bearish thesis is a break above $27,000.
The price of bitcoin may indicate what to expect in the fall as bearish signals continue to develop in the last days of August.
Bitcoin price suggests another bearish September
The price of bitcoin has fallen 20% since it briefly hit a high of $25,211 last week. The 20% decline saw traders successfully clear the $20,000 psychological barrier. Traders may want to stay on the sidelines as September created a bear market environment for the price of bitcoin for four consecutive years. A fall in bitcoin at the end of the month could indicate that a fifth year in a row is imminent.
Bitcoin price is currently being auctioned at $19,992. Judging by the metrics of the Binance exchange, a large number of transactions have appeared on the market according to the Volume Profile indicator. In addition, the relative strength index always has enough space for the cushion. Combined, these two indicators can confirm the idea that the market bottom has not yet been reached.
BTC/USDT Monthly Chart
A bearish trade thesis was posted last week with an entry point of $23,125 and an invalidation level of $27,000. Traders who participated in the predicted move received 0.8 times more venture profit. Cancellations should remain at $27,000 to avoid last-minute money hunts until the end of the month.
In the following video, our analysts dig deeper into Bitcoin’s price behavior by analyzing key levels of interest in the market. -Team Netcost-Security