Bitcoin Price Analysis: Bears Eye Break Below 25462 – 2 September 2023
Bitcoin (BTC/USD) encountered more downside risk early in the Asian session as the pair continued to orbit the 26014.63 area, a downside price objective associated with recent selling pressure around the 28184.89 and 27576.99 levels. 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 above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 26407.57 and the 200-bar MA (Hourly) at 26413.21.
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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.
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