Bitcoin Price Analysis: Orbiting 26034 Level – 27 August 2023
Key Points:
1. Bitcoin (BTC/USD) is currently trading within a tight range around the 26034.43 level.
2. Price activity tested the 26296 area before dropping to the 25750 level, indicating a retracement.
3. Stops were triggered above the 28778.57 level, marking the 50% retracement of the previous downtrend.
4. Technical support levels are identified at 23661, 22793, and 21725, while resistance levels are at 27139, 27728, 27766, 28316, 28548, 29154, 29330, and 30443.
5. Recent price action reached a multi-month low at 25234.76, testing a downside price objective at 25128.94.
Hot Take:
Bitcoin is currently experiencing a period of consolidation, with price remaining within a narrow range. The market is showing signs of retracement, as indicated by the recent drop from the 26296 level. Traders should keep an eye on the identified support and resistance levels for potential buying and selling opportunities. It is important to note that technical indicators are currently bearish, suggesting a potential downward movement in the near term. However, traders should exercise caution and consider other factors before making any investment decisions.
Sally Ho’s Technical Analysis
View Yesterday’s Trading Analysis
Disclaimer: Sally Ho’s Technical Analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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