Bitcoin Price Analysis:  Monster Gains Scored – 30 August 2023

Bitcoin (BTC/USD) sought to add to major gains early in the Asian session as the pair rocketed higher to trade above the 28000 area for the first time in more than ten days, printing around the 28184.89 area. Stops were elected above key technical levels during the huge rally including the 27139, 27466, 27728, and 27766 areas.  Related levels that BTC/USD could test in the short-term include the 28316, 28548, 29145, 29330, and 30183 areas.  Above the market, upside price objectives include the 30526, 30611, 30762, and 31145 areas.  Upside price objectives related to other levels of buying pressure include the 32125 and 33569 areas, and Stops are cited above additional upside price objectives around the 32043, 34531, 34658, and 35912 areas.   Following the upside run, areas of technical support and potential buying pressure include the 26947, 26620, 26293, and 25828 levels.

Below the market, Stops are cited below the 25706, 25698, 25645, 25493, and 25363 levels, downside price objectives related to selling pressure around the 26818 and 26567 areas.  Areas of technical support and potential buying pressure in appreciating ranges from the 15460 and 19568.52 levels

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Author: Sally Ho

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