Bitcoin Price Analysis: 25344 Technical Target Tested – 3 September 2023
Bitcoin (BTC/USD) remained weak early in the Asian session as the pair continued to encounter technical headwinds below the 26014.63 area, a downside price objective related to recent selling pressure around the 27576.99 area. Stops were elected below the 25462.40 and 25344.24 levels during the ongoing depreciation, downside price objectives related to recent downward activity around the 28184 and 27576 areas. Bears anticipate another test of and possible sustained break below the 25128.94 area, a downside price objective linked to downward pressure around the 30421.29 level. Stops are cited below the 24197.68 level, a downside price objective related to selling pressure around the 30222 area. Additional price objectives below the market include the 24511, 24339, 23164, 22949, 21496, and 20702 areas.
Technical support and potential buying pressure in appreciating ranges from the 15460 and 19568.52 levels include the 23661, 22793, and 21725 levels. The recent fresh multi-month low around the 25234.76 area represented a test of a major downside price objective around the 25128.94 area that is associated with selling pressure that increased around the 31862.21 and 30421.29 levels in July. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 26341.51 and the 50-bar MA (Hourly) at 25969.03.
Technical Support is expected around 24440.41/ 23270.10/ 22769.39 with Stops expected below.
Technical Resistance is expected around 31986.16/ 32989.19/ 34658.69 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
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