Bitcoin Price Analysis: Magnetic 26006 Level – 28 August 2023
Bitcoin (BTC/USD) continues to trade around the 26006 area, seeking fresh technical guidance. Here are the key points to note:
– Price activity recently tested the 26296 area before dropping to 25750, representing a retracement of the recent uptrend.
– Stops were triggered above the 28778.57 area, indicating a potential reversal of the downtrend.
– Areas of support and potential buying pressure include the 23661, 22793, and 21725 levels.
– Areas of resistance and potential selling pressure include the 27139, 27728, 27766, 28316, 28548, 29154, 29330, and 30443 levels.
– The recent multi-month low around 25234.76 tested a major downside price objective around the 25128.94 area.
– Upside price objectives include the 30526, 30611, 30762, and 31145 areas.
– Traders are observing bearish indications from the moving averages on both the 4-hourly and hourly charts.
Technical Support and Resistance Levels
– Price activity is nearest 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.
Sally Ho’s Technical Analysis
Sally Ho’s technical analysis provides valuable insights and should be considered 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 is currently facing resistance at various levels, and the recent retracement suggests a potential reversal of the uptrend. Traders should closely monitor the support and resistance levels mentioned to make informed decisions. It is important to stay updated with the latest technical analysis and market trends to navigate the crypto market effectively.
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