Bitcoin Price Analysis: BTC/USD Congestion Below 26944 – 26 August 2023
Bitcoin (BTC/USD) is experiencing congestion below the 26944 level after encountering buying pressure around 25350. Here are the key points:
– Bitcoin attempted to retain some recovered ground but sold off from the 26818.28 area.
– Upward pressure emerged around the 25850 level, testing an upside price objective related to recent buying activity.
– Stops were elected above the 28778.57 area, representing the 50% retracement of the depreciating range.
– Technical support and potential buying pressure can be found at the 23661, 22793, and 21725 levels.
– Technical resistance and potential selling pressure include the 27139, 27728, 27766, 28316, 28548, 29154, 29330, and 30443 levels.
The recent fresh multi-month low around 25234.76 tested a major downside price objective associated with selling pressure. In addition:
– Upside price objectives above the market include the 30526, 30611, 30762, and 31145 areas.
– Traders observe bearish indications in the moving averages.
Price activity is nearest the 50-bar MA (4-hourly) and the 100-bar MA (hourly). Technical support is expected around 24440.41/23270.10/22769.39, while technical resistance is expected around 31986.16/32989.19/34658.69.
Hot Take
Bitcoin’s price is experiencing congestion below the 26944 level, with potential buying and selling pressures at different levels. Traders should closely monitor the moving averages, as well as the support and resistance levels, to make informed decisions. Remember, this analysis is for informational purposes only and should not be considered as financial advice.
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