Bitcoin Price Analysis: Bears Seeking Pain Below 24511 – 6 September 2023
Bitcoin (BTC/USD) encountered additional weakness early in the Asian session as the pair remained unable to sustain a break above the 26014.63 level, a recent downside price objective related to recent selling pressure around the 28184.89 and 27576.99 levels. The 50-hour simple moving average has also provided technical resistance in the short-term. Shorts were covered around the 25605 area during the pullback as bears were unable to reach the 25462.40 and 25344.24 levels during the ongoing depreciation, downside price objectives below which Stops were recently elected. Bears anticipate another test of the 25128.94 area, a downside price objective linked to downward pressure around the 30421.29 level, following a recent low around the 25234.76 area.
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. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-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 100-bar MA (4-hourly) at 26203.97 and the 50-bar MA (Hourly) at 25864.07.
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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
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