Bitcoin Shows Signs of Upside Potential
Bitcoin (BTC/USD) is showing signs of resuming its upward trajectory as it encounters upward pressure around the 25763.43 level and tests the 26263.90 area. This test represents a downward price objective related to previous selling pressure levels. However, BTC/USD recently dropped to the 24900 area, failing to sustain the downward break. A sustained break below the 25462.40 level could increase bearish pressure. Stops are cited below the 24197.68 level, with additional price objectives below the market. On the other hand, technical support and potential buying pressure can be found at specific levels. Traders are observing bearish indications from the moving averages on both the 4-hourly and hourly charts. Price activity is closest to the 100-bar MA (4-hourly) and the 200-bar MA (hourly). Technical support is expected around specific levels, while resistance is expected at higher levels.
Bitcoin Price Analysis: Building a Base Below 26285 – 14 September 2023
Bitcoin (BTC/USD) is currently encountering upward pressure around the 25763.43 level, indicating a potential resumption of its upward trajectory. The pair reached the 26263.90 area, testing a downward price objective related to previous selling pressure levels. However, BTC/USD recently experienced a downward break to the 24900 area, but bears failed to sustain it. A sustained break below the 25462.40 level could result in increased bearish pressure. Stops are cited below the 24197.68 level, with additional price objectives below the market. On the other hand, specific levels provide technical support and potential buying pressure. Traders are observing bearish indications from the moving averages on both the 4-hourly and hourly charts. Price activity is nearest to the 100-bar MA (4-hourly) and the 200-bar MA (hourly). Technical support and resistance levels are identified for traders to watch.
Hot Take: Bitcoin Holds Ground, Upside Potential Remains
Bitcoin (BTC/USD) continues to hold its ground as it faces upward pressure around the 25763.43 level. Despite a recent downward break, bears failed to sustain the downward momentum. A sustained break below the 25462.40 level could increase bearish pressure. Stops are cited below the 24197.68 level, with additional price objectives below the market. On the other hand, specific levels offer technical support and potential buying pressure. Traders are monitoring the moving averages, which indicate bearishness on both the 4-hourly and hourly charts. As BTC/USD remains near the 100-bar MA (4-hourly) and the 200-bar MA (hourly), the upside potential remains intact. Traders should pay attention to the identified technical support and resistance levels to make informed decisions.
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