Bitcoin Price Analysis: Monster Gains Scored

Bitcoin Price Analysis: Monster Gains Scored – 30 August 2023

Bitcoin (BTC/USD) made significant gains, reaching above the 28000 level for the first time in over ten days. The rally resulted in stops being triggered above key technical levels such as 27139, 27466, 27728, and 27766. Here are the key points:

– BTC/USD could potentially test levels of 28316, 28548, 29145, 29330, and 30183 in the short-term.
– Above the current market, upside price objectives include 30526, 30611, 30762, and 31145.
– Other levels of buying pressure indicate upside price objectives of 32125 and 33569.
– Technical support and potential buying pressure can be found at 26947, 26620, 26293, and 25828.
– Downside price objectives are around 25706, 25698, 25645, 25493, and 25363.

Overall, the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). However, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and the 200-bar MA (hourly).

Price activity is closest to the 200-bar MA (4-hourly) at 28218.39 and the 50-bar MA (hourly) at 26131.27. Technical support is expected around 24440.41, 23270.10, and 22769.39, with stops expected below. Technical resistance is expected at 31986.16, 32989.19, and 34658.69, with stops expected above.

In conclusion, Bitcoin has experienced strong gains recently, but it is important to consider technical analysis indicators before making any decisions.

Hot Take:

Bitcoin’s price rally has been impressive, with the cryptocurrency surpassing key technical levels. However, it is crucial for crypto readers to be aware of technical indicators and potential support and resistance levels to make informed decisions in the volatile market.