Bitcoin Price Analysis: Failure to Sustain Break Above 26429 – 9 September 2023
Bitcoin (BTC/USD) remained on the defensive early in the Asian session as the pair failed to sustain recent short-term gains that saw it trade as high as the 26460.41 level, representing a test of a downward price objective around the 26429.37 area that is related to selling pressure around the 27576.99 area. 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 26144.43 and the 100-bar MA (Hourly) at 25847.07.
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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.
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