Bitcoin's price could drop below $ 11,000 over the next 24 hours amid increased pressure from sellers, CoinDesk Markets analyst Omkar Godbow said.
So, on Saturday quotes broke the triangle model down, thereby strengthening the position of the bears, Godbow emphasized. The local support level is now located at around $ 11,100, below which the bears have not yet fixed on the daily timeframe.
On Saturday, in just an hour, the high-volume bitcoin price dipped to the $ 11,200 area and soon crossed the inverted flag line, which did not add optimism to investors. This move, Godbowl is sure, opens the door for sellers to support at $ 10,800, where the 5-day MA takes place.
Note that on Sunday on the hourly chart a reversal model of the hammer with a long tail was formed, however, according to the analyst, it will play its role only when the price returns above $ 11,589.
CoinDesk Markets Data
On the weekly chart, a long upper shadow is visible at the last candle – Bitcoin can not gain a foothold above $ 12,000 for the past seven weeks. If the price has not been able to reach a certain level for a long time, says Godbowl, it is likely to fall to lower levels for consolidation.
CoinDesk Markets Data
The 5-day and 10-day MAs are located at $ 10,804 and $ 10,625: these are strong support, Godbow summed up. To resume the rally, he said, it is now necessary to close the week above $ 12,000.
At the same time, the Goldman Sachs report says that right now investors have a good opportunity to purchase bitcoin. Analysts at the investment bank are confident that the short-term goal of the asset is $ 13,971. Goldman Sachs considers this scenario to be relevant until the price drops below $ 9084.
What is more surprising: that Goldman Sachs has a bullish target on $ BTC , that they have any target at all, or that they use Elliott Wave Theory?
I'm personally most surprised they cant be bothered to use a chart that includes weekend price action. pic.twitter.com/ocpq7hr0qv
– Su Zhu ? (@zhusu) August 12, 2019
Probably, the bank analyzed the data of the futures market and did not take into account the price movement on the weekend.
Goldman Sachs slide deck by CoinDesk on Scribd
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