Bitcoin Technical Analysis Report | 28th-August-2023


Bitcoin has maintained a quiet trading pattern over the weekend, leaving investors uncertain about the upcoming direction of its price movement. Its range-bound behaviour continues, leading to speculation among traders. Some interpret the decrease in open interest in Bitcoin futures contracts on the Chicago Mercantile Exchange as a sign that the selling pressure has eased. The downward-sloping 20-day exponential moving average, currently at $27,222, along with the relative strength index (RSI) residing in the oversold region, suggests that the market is now controlled by bearish sentiment. However, the bullish camp is not likely to surrender easily.

At the time of writing BTC was trading at $26,027.

Bitcoin Daily Chart | 28th August 2023
Bitcoin (BTC) Chart

After testing the crucial support level of $25,000 ( Horizontal Trendline & 50% Fibonacci Retracement Level), Bitcoin has been consolidating and is trading sideways in a narrow range from 25,500 to $26,500 with low volumes. If the prices hold and sustain above the support level, we can expect the bulls to resume the up move. However, to witness a rally BTC needs to break, close and sustain above the resistance level of $32,500. If the prices break or close below $25k, it may lead to further downfall and the prices can test the next support level, which is at $22,500.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2.

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