Bitcoin (BTC/USD) Market Waves in Falls, Finding Supports
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Bitcoin Price Prediction – August 23
A chain of price actions that followed a significant decline recently in the business activities of Bitcoin paired with the valuation of the US economy has led to an outlook that signifies that the crypto market currently waves in falls imputed that are leftover, finding supports even in the process toward the line of $25,000.
After noticing that supporting trade area, several impulse indications are still active, showing no discernible revival of gains over the course of a few days since the bears’ influence started to take effect. As things stand, it appears that a line of downward consolidation movements will continue above or near the value described in the previous paragraph for some time. However, we advise traders to watch for any signals of a northward spring before placing a purchase order.
BTC/USD Market
Key Levels:
Resistance levels: $28,000, $29,000, $30,000
Support levels: $25,000, $24,000, $23,000
BTC/USD – Daily Chart
The BTC/USD daily chart reveals that the crypto-economic market waves in a falling manner, finding supports and averaging the psychological line of $25,000 underneath the lines of the moving averages.
The 14-day SMA indicator has curved southward in an attempt to break the 50-day SMA indicator to the downside. And they are closely positioned over the resistance line of $28,000. The stochastic oscillators are in the oversold region, featuring in a conjoint style to affirm a consolidation movement.
What is the BTC/USD market’s maximum bearish touching point before the bulls’ regaining catalyst?
The last abrupt free drop in the valuation of the BTC/USD trade witnessed a lower trading point of around $25,500, given that the crypto economy now waves in falls characterized by traits of leftover, finding supports as well in the course.
A trade recuperation process has to begin below the trend lines of the moving averages, using points around $25,000 as a yardstick to observe the area of baseline formation. Therefore, long-position pushers are expected to start making a comeback ahead of the next volatile operation.
Even though the price will still decline as a result of a negative consolidation motion that is anticipated to last for a while in the market, selling position orders may be getting entries at a greater risk. However, a rapid rally could be seen with a strong push to the south through positions at or below the $25,000 level.
BTC/USD 4-hour Chart
The BTC/USD 4-hour chart showcases the crypto-economic market waves as they fall underneath the trend lines of the SMAs, finding supports.
The 50-day SMA indication is at $27,970.84, and the 14-day SMA indicator is at $26,502.12. The overbought region is where the stochastic oscillators are. Right now, the transaction outlook, which is based on the medium-term myth, predicts that, before the northward push resumes, it’s possible to observe decimations in lower forms.
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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