FX.co ★ Bitcoin Price Movement On August 28, 2020

If we look at the 4-hour chart for bitcoin, we see the price is moving in a down slope Pitchfork Channel and below the Moving Average. As we see, the price has failed to reach the middle line from the Pitchfork Channel. This condition is making a Hagopian rule with a Divergence between the price and the Stochastic Oscillator. This confirms that soon Bitcoin will make an upward movement to reach the upper Pitchfork Channel. The nearest target for bitcoin is 11,548.80 level as the first target and the 11,608.80 as the second target on condition that the cryptocurrency does not retrace downward and closes below 11,085.81. If this happens, all the upward movement will be automatically canceled.

(Disclaimer)