Bitcoin Price Analysis: Bearish Reversal at 26187 – 29 August 2023
Bitcoin (BTC/USD) is experiencing a bearish reversal as it fails to maintain upward momentum around the 26187.70 area and drops to 25903.18. This decline tests a downside price objective linked to selling pressure around 26567.38. Technical trading also indicates a reversal around the 26232.88 area, related to recent downward pressure at 26787.41 and 26567.38 levels.
Key Points:
– Stops are placed below the levels of 25706, 25698, 25645, 25493, and 25363, reflecting downside price objectives from selling pressure at 26818 and 26567 areas.
– Technical support and potential buying pressure can be found at 15460, 19568.52, 23661, 22793, and 21725 levels.
– Technical resistance and potential selling pressure are expected at 27139, 27728, 27766, 28316, 28548, 29154, 29330, and 30443 levels.
– The recent multi-month low at 25234.76 is a test of a major downside price objective at 25128.94, linked to increased selling pressure at 31862.21 and 30421.29 levels in July.
– Upside price objectives include 30526, 30611, 30762, and 31145 areas, along with buying pressure at 32125 and 33569 areas.
Hot Take:
Bitcoin is showing signs of bearish reversal as it fails to sustain upward momentum. Technical indicators suggest more downside pressure, with resistance levels to watch out for. Traders should closely monitor support and resistance levels when considering their trading strategies.
Sally Ho’s Technical Analysis
View Yesterday’s Trading Analysis
Disclaimer: Sally Ho’s Technical Analysis is provided by a third party and is for informational purposes only. It does not reflect the views of Crypto Daily and should not be used as legal, tax, investment, or financial advice.
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