Bitcoin (BTC/USD) Trade Stages an Upswing, Following a Base
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Bitcoin Price Prediction – August 30
An aftermath falling situation that lately produced lows breaking through some supports beneath the psychological support of $26,000 has exhausted its gravitational forces in the BTC/USD market operation, making the crypto trade stage an upswing, following the formation of a base around the value line.
During yesterday’s activities, there was a bouncing motion that created a strong bargaining path to the upside toward restoring some of the lost profitable upper lines. As of the time of writing, a retraction process seems to be making a corrective before maybe pushing back into the north side, provided that the move doesn’t ultimately get to the fundamentals.
BTC/USD Market
Key Levels:
Resistance levels: $29,000, $30,000, $31,000
Support levels: $26,000, $25,000, $24,000
BTC/USD – Daily Chart
The BTC/USD daily chart showcases the crypto-economic trade as it stages an upswing from the support level of $26,000, following the establishment of a base below the values of the moving average indicators.
The 14-day SMA trend line’s point of $27,672.93 is above the 50-day SMA trend line’s level of $28,300.16. The Stochastic Oscillators have moved from the oversold area to positions between 44.22 and 70.16 in a northerly direction. A smaller bearish candlestick is formed at the price’s touch with the smaller moving average to serve as a warning against placing a buy order for the time being.
Should holders of long positions in the BTC/USD market long for a purchasing entry alongside yesterday’s bullish candlestick?
We are of the opinion that buyers need to be cautious in a situation where a retracement movement eventually leads to a bearish path back to the base of $26,000, given that the BTC/USD trade has staged an upswing after forming a foothold around the point recently.
Bulls may need to keep an eye out for when there will be a rallying motion against the negative push, as there has been a little correcting movement from the point of the 14-day moving average before going back to create a long position order. Investors shouldn’t start liquidating their investments before the designated time.
Bears in the BTC/USD market would need to intensify their presence during the current temporary decline that is surfacing near the lower SMA. Sellers will need to execute a stop-loss order slightly above the value of the larger SMA in order to checkmate their position in the market during the actual act of achieving just that.
BTC/USD 4-hour Chart
The BTC/USD 4-hour chart showcases the crypto trade staging an upswing, following the creation of a base around the level of the $26,000 support.
The 14-day SMA indicator has momentarily curled southward, positioning itself at $26,656.23 under the 50-day SMA indicator’s $27,089.81. After entering the overbought area, the Stochastic Oscillators have moved southward from 78.19 to 70.12 levels. It is expected that traders who take long positions will restart their base-building strategy around the $27,000 mark in order to overcome the recent higher resistance level.
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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