Bitcoin Price Analysis: Magnetic 26006 Level – 28 August 2023
Bitcoin (BTC/USD) is currently trading around the 26006 area, which is a downside price objective due to selling pressure. Here are the key points:
– Price activity recently tested the 26296 area before dropping to 25750, representing a test of the 78.6% retracement level.
– Stops were triggered above the 28778.57 area, which is the 50% retracement level.
– Technical support and potential buying pressure levels include 23661, 22793, and 21725.
– Technical resistance and potential selling pressure levels include 27139, 27728, 27766, 28316, 28548, 29154, 29330, and 30443.
– The recent multi-month low around 25234.76 tested a major downside price objective at 25128.94.
– Upside price objectives above the market include 30526, 30611, 30762, and 31145.
Traders are observing bearish indications on the 4-hourly and hourly charts, with the 50-bar MA below the 100-bar MA and the 200-bar MA.
In terms of technical levels, the nearest MA is the 50-bar MA (4-hourly) at 26008.97 and the 200-bar MA (hourly) at 26092.91.
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.
On the 4-hourly chart, SlowK is bullishly above SlowD, while MACD is bullishly above MACDAverage. On the 60-minute chart, SlowK is bullishly above SlowD, and MACD is bullishly above MACDAverage.
Please note that 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.
Hot Take
Bitcoin’s price is currently hovering around the 26006 area, with potential buying and selling pressure at various levels. Traders should pay attention to the technical indicators and support/resistance levels to make informed decisions. Keep in mind that this analysis is for informational purposes only and should not be considered as financial advice.
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