Bitcoin Price Analysis: Pressured After 26429 Failure – 10 September 2023
Bitcoin (BTC/USD) extended recent weakness early in the Asian session as the pair was pressured after peaking around the 26460.41 level, a multi-session high representing a failure to sustain a break above the 26429 area that serves as downside price objective related to selling pressure around the 27576.99 area. Upside activity was later capped below the 25953.46 area, representing the 38.2% retracement of the depreciating range from 26460.41 to 25640.10. Bears expect 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. A sustained break below the 25462.40 level will elevate bearish pressure as it is a downward price objective corresponding to significant recent selling pressure around the 28184.89 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 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 25944.71 and the 100-bar MA (Hourly) at 25841.33.
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 Bullishly above MACDAverage.
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