<center>
![Screen Shot 2020-08-11 at 4.58.52 PM.png](https://cdn.steemitimages.com/DQmdMdKUspVwsf7ESnfUU6pM1M6bmt2YZocNVU9ZzGx7BMT/Screen%20Shot%202020-08-11%20at%204.58.52%20PM.png)
</center>

Bitcoin was getting squeezed in an ascending triangle and was bound to move soon. We hoped it would move up but today it jumped off a cliff. There is still good news though!

The good news is that it looks like support has established itself at our previously predicted temporary ceiling of $11,400 USD! [Just 7 days ago we noticed $11,400 showing some significance.](https://steemit.com/bitcoin/@campfire/bitcoin-temporary-ceiling-looks-set-at-usd11-400-usd-usd12k-next)

<center>
![Screen Shot 2020-08-11 at 4.39.39 PM.png](https://cdn.steemitimages.com/DQmTv4o439hpuiufaTW74Hg7g7fpXtgBThb9Fov8aJRqtov/Screen%20Shot%202020-08-11%20at%204.39.39%20PM.png)
</center>

Looking at the charts, there is a little concerning move downward in the 10 day moving average although there is still a large gap between it and the 50 day MA. To top it off the 50 day moving average seems to be moving up very slowly, so at the present things still look bullish!

Bitcoin is still trading in the upper band of the Bollinger bands, despite today it nearly touched the center of the bands (the 20 day MA).  

<strong>Keep watching the charts!</strong> 📈

<hr />

<em>Please note : this is opinion and should not be taken as financial advice.</em>