Bitcoin Price Analysis:  Magnetic 26006 Level – 28 August 2023

Bitcoin (BTC/USD) sought fresh technical guidance early in the Asian session as the pair continued to trade around the 26006 area, representing a downside price objective associated with selling pressure around the 31862.21 and 30222 areas.  Price activity recently spiked to test the 26296 area before coming off to the 25750 area, representing a test of the 78.6% retracement of the appreciating range from 25610 to 26296.78.  Stops were recently elected above the 28778.57 area, a level that represents the 50% retracement of the depreciating range from 31862.21 to 21694.92.  Areas of technical support and potential buying pressure in appreciating ranges from the 15460 and 19568.52 levels include the 23661, 22793, and 21725 levels.   Following recent selling pressure, areas of technical resistance and potential selling pressure include the 27139, 27728, 27766, 28316, 28548, 29154, 29330, and 30443 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.   Above the market, upside price objectives include the 30526, 30611, 30762, and 31145 areas.  Ups

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Author: Sally Ho

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