Bitcoin Price Analysis: Bears Seeking Pain Below 24511 – 6 September 2023
Are you curious about the current state of Bitcoin’s price? Well, let’s take a closer look. During the Asian session, Bitcoin (BTC/USD) experienced some weakness as it struggled to break above the 26014.63 level. This level is significant as it relates to recent selling pressure around the 28184.89 and 27576.99 levels. Additionally, the 50-hour simple moving average has acted as a technical resistance in the short-term.
Shorts were covered around the 25605 area during the pullback, indicating that bears failed to reach the levels of 25462.40 and 25344.24 during the depreciation. However, bears expect another test of the 25128.94 area, which is a downside price objective linked to downward pressure around the 30421.29 level.
If you’re interested, there are some key levels to keep in mind. Stops are cited below the 24197.68 level, and additional price objectives below the market include the 24511, 24339, 23164, 22949, 21496, and 20702 areas. On the other hand, there is technical support and potential buying pressure in appreciating ranges from the 15460 and 19568.52 levels, including the 23661, 22793, and 21725 levels.
Traders have noticed that certain moving averages are indicating a bearish trend. The 50-bar MA (4-hourly) is below the 200-bar MA (4-hourly) and above the 100-bar MA (4-hourly). Similarly, the 50-bar MA (hourly) is below the 100-bar MA (hourly) and the 200-bar MA (hourly).
In terms of price activity, the nearest moving averages are the 100-bar MA (4-hourly) at 26203.97 and the 50-bar MA (hourly) at 25864.07. Technical support is expected around 24440.41, 23270.10, and 22769.39, with stops expected below. On the other hand, technical resistance is expected around 31986.16, 32989.19, and 34658.69, with stops expected above.
When examining the 4-Hourly and 60-minute charts, we can observe the relationship between the SlowK and SlowD indicators, as well as the MACD and MACDAverage indicators. These indicators provide insights into the current market sentiment.
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