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Bitcoin’s Overview on 03.08.2023 – An overview of important support and resistance levels of the four major currency pairs of the ongoing week.

 

• First key support level of EUR/USD: 1.05326
• Second Key support level of EUR/USD: 1.048407
• Third Key support level of EUR/USD: 1.042
• First key resistance level of EUR/USD: 1.057667
• Second Key resistance level of EUR/USD: 1.061175
• Third Key resistance level of EUR/USD: 1.069129

• First key support level of USD/CHF: 0.94
• Second Key support level of USD/CHF: 0.935
• Third Key support level of USD/CHF: 0.928753
• First key resistance level of USD/CHF: 0.943811
• Second Key resistance level of USD/CHF: 0.945972
• Third Key resistance level of USD/CHF: 0.954

• First key support level of GBP/USD: 1.180731
• Second Key support level of GBP/USD: 1.17
• Third Key support level of GBP/USD: 1.15816
• First key resistance level of GBP/USD: 1.191605
• Second Key resistance level of GBP/USD: 1.209003
• Third Key resistance level of GBP/USD: 1.242819

• First key support level of USD/JPY: 137.104124
• Second Key support level of USD/JPY: 136.186649
• Third Key support level of USD/JPY: 135.368385
• First key resistance level of USD/JPY: 138.154536
• Second Key resistance level of USD/JPY: 139.176134
• Third Key resistance level of USD/JPY: 139.89

 

Bitcoin’s Overview on 03.08.2023

The strong and significant uptrend that had started in Bitcoin at the beginning of 2023 stopped when the price reached $25,250, and for the third consecutive week, the price is still in a downtrend. Currently, the most critical resistance level is the $25,200 level, and long-term traders only consider the trend bullish once this resistance level is broken out.

Considering the type of price movements and the previous monthly candlestick pattern as a spinning pattern indicates buyers’ and sellers’ lack of power to form a trend and is generally a signal for a further price correction in the short term. Therefore, there is no clear and transparent signal for the price increase in long-term periods such as monthly and weekly in the chart, and in case of more pressure from sellers, the price will have the potential to decrease further and reach the critical support level of $21428.

In shorter periods, such as four hours chart, the price has crossed the up trendline consisting of four support points and entered a downtrend price channel, descending and moving towards the support edge of the channel. In the opposite scenario and looking for a potential upward trend to come, especially in the short term, according to the type of price movements formed between the “High” of $25250 and the “Low” of 21844.55, a harmonic pattern of the non-ideal AB = CD type with of 50 and 161.8 Fibonacci levels has been formed, which has issued the potential to rise from the price Low of 21844.55. If the price increases and buyers enter, one of their goals is the resistance level of $22600.

 

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