Bitcoin Price Analysis: Orbiting 26034 Level โ 27 August 2023
Bitcoin (BTC/USD) is currently trading within a narrow range around the 26034.43 level. Here are the key points to note:
– Price activity tested the 26296 area before retracting to 25750, indicating a test of the 78.6% retracement level.
– Stops were triggered above the 28778.57 area, which represents the 50% retracement level of the downward range.
– Technical support and potential buying pressure levels are found at 23661, 22793, and 21725.
– Technical resistance and potential selling pressure levels are observed at 27139, 27728, 27766, 28316, 28548, 29154, 29330, and 30443.
– The recent low at 25234.76 tested a major downside price objective around 25128.94, associated with selling pressure in July.
Technical Analysis and Price Objectives
– Upside price objectives include 30526, 30611, 30762, and 31145 areas.
– Levels of buying pressure indicate further upside price objectives at 32125 and 33569, with Stops cited above 32043, 34531, 34658, and 35912.
– Bearish indications are seen with the 50-bar MA (4-hourly) below the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly), as well as the 50-bar MA (hourly) below the 100-bar MA (hourly) and the 200-bar MA (hourly).
Technical Support and Resistance Levels
– Price activity is closest to the 50-bar MA (4-hourly) at 26114.43 and the 50-bar MA (hourly) at 26051.83.
– Technical support is expected around 24440.41, 23270.10, and 22769.39, with Stops expected below.
– Technical resistance is expected around 31986.16, 32989.19, and 34658.69, with Stops expected above.
Sally Hoโs Technical Analysis
Please note that Sally Hoโs Technical Analysis is provided for informational purposes only and does not reflect the views of Crypto Daily. It should not be used as legal, tax, investment, or financial advice.
Hot Take
Bitcoin’s price is currently orbiting around the 26034.43 level, with potential buying and selling pressure at specific levels. Technical indicators suggest a bearish trend, but there are upside price objectives to consider. It is important to exercise caution and conduct thorough analysis before making any investment decisions.
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