Bitcoin Price Analysis: Bears Eyeing 25363 – 29 August 2023
Bitcoin (BTC/USD) continues to experience selling pressure, pushing the price lower. The recent low at 25234.76 area represents a test of a major downside price objective around 25128.94. Technical support and potential buying pressure can be found at 23661, 22793, and 21725 levels. On the other hand, areas of technical resistance and potential selling pressure can be seen at 27139, 27728, 27766, 28316, 28548, 29154, 29330, and 30443 levels.
Key points:
– Bitcoin retains a bearish bias with selling pressure intensifying around the 26171.87 area.
– Upside price objectives are at 30526, 30611, 30762, and 31145 areas.
– Technical indicators suggest a bearish trend, with the 50-bar MA (4-hourly) indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly).
– Price activity is nearest the 50-bar MA (4-hourly) at 26081.67 and the 50-bar MA (Hourly) at 26037.53.
– Technical support is expected around 24440.41/23270.10/22769.39 with stops expected below, while technical resistance is expected around 31986.16/32989.19/34658.69 with stops expected above.
In conclusion, Bitcoin price analysis indicates a bearish trend with potential selling pressure. Technical indicators suggest further downward movement, but there are also upside price objectives to watch out for. Traders should closely monitor the support and resistance levels mentioned above for potential trading opportunities.
Hot Take:
Bitcoin’s bearish trend continues, with selling pressure pushing the price lower. However, there are potential buying opportunities at certain support levels. Traders should exercise caution and closely monitor the market for potential price movements.
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