Bitcoin Price Analysis: Bears Eyeing 25363 โ 29 August 2023
Bitcoin (BTC/USD) is experiencing a bearish trend in the Asian session. Here are the key points to note:
– Selling pressure intensified around the 26171.87 area, resulting in the pair reaching new lows.
– The recent upside price objective is around the 25842 area, which was influenced by buying pressure around 25350.
– Downside price objectives are identified at levels 25706, 25698, 25645, 25493, and 25363 due to selling pressure around 26818 and 26567.
– Technical support and potential buying pressure can be found at levels 23661, 22793, and 21725.
– Technical resistance and potential selling pressure are present at levels 27139, 27728, 27766, 28316, 28548, 29154, 29330, and 30443.
The recent multi-month low at 25234.76 is a test of a major downside price objective at 25128.94. Upside price objectives include levels 30526, 30611, 30762, and 31145. Stops are cited above additional upside price objectives at 32043, 34531, 34658, and 35912.
Traders observe that the 50-bar MA (4-hourly) is indicating bearishly below the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). The 50-bar MA (hourly) also indicates bearishly below the 100-bar MA (hourly) and the 200-bar MA (hourly).
Price activity is closest to the 50-bar MA (4-hourly) at 26081.67 and the 50-bar MA (hourly) at 26037.53. Technical support is expected around levels 24440.41, 23270.10, and 22769.39, with stops expected below. Technical resistance is expected around levels 31986.16, 32989.19, and 34658.69, with stops expected above.
On the 4-hourly chart, SlowK is bearishly below SlowD, while MACD is bullishly above MACDAverage. On the 60-minute chart, SlowK is bullishly above SlowD, while MACD is bearishly below MACDAverage.
Sally Hoโs Technical Analysis
Please note that Sally Hoโs Technical Analysis is provided by a third party 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.
Hot Take
Bitcoin continues to face bearish pressure, with selling pressure intensifying and new lows being reached. The technical analysis suggests potential areas of support and resistance, as well as upside price objectives. Traders should closely monitor the moving averages and be cautious in their trading decisions. It is important to seek advice from reputable sources and conduct thorough research before making any investment decisions.
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