Bitcoin Price Analysis:  Stops Above 27934 – 1 September 2023

Bitcoin (BTC/USD) encountered more volatility early in the Asian session as the pair attempted to erase some of August’s losses following a spike to the 27569.99 area and subsequent sell-off to the 27063.68 area, with that buying pressure right around the 38.2% retracement of the appreciating range from 25234.76 to 28184.89.   Some Stops were elected above the 27488 level, representing the 23.6% retracement of the same appreciating range.  This move also represented a test of the 50% retracement of the depreciating range from 28184.89 to 27015.75.  Stops were elected above key technical levels during the huge recent rally including the 27139, 27466, 27728, and 27766 areas.  Related upside technical 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 in

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Author: Sally Ho

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