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Technical Analysis of Bitcoin on 2023.08.02 – 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: 1.091867
• Second Key support level of EUR/USD: 1.09
• Third Key support level of EUR/USD: 1.086305
• First key resistance level of EUR/USD: 1.1
• Second Key resistance level of EUR/USD: 1.1019
• Third Key resistance level of EUR/USD: 1.104485

• First key support level of USD/CHF: 0.87471
• Second Key support level of USD/CHF: 0.872953
• Third Key support level of USD/CHF: 0.87008
• First key resistance level of USD/CHF: 0.880685
• Second Key resistance level of USD/CHF: 0.885
• Third Key resistance level of USD/CHF: 0.890289

• First key support level of GBP/USD: 1.267919
• Second Key support level of GBP/USD: 1.26
• Third Key support level of GBP/USD: 1.25
• First key resistance level of GBP/USD: 1.274167
• Second Key resistance level of GBP/USD: 1.27987
• Third Key resistance level of GBP/USD: 1.287191

• First key support level of USD/JPY: 142.691798
• Second Key support level of USD/JPY: 141.949607
• Third Key support level of USD/JPY: 141.37779
• First key resistance level of USD/JPY: 143.477491
• Second Key resistance level of USD/JPY: 144.202434
• Third Key resistance level of USD/JPY: 144.92

 

Technical Analysis of Bitcoin on 2023.08.02.

Based on the recent movements in the Bitcoin market, sellers have targeted two support levels of $29,500 and $28,500. This potential correction and decrease in price were previously mentioned in a Bitcoin analysis on 06/07/2023.

Looking at the long-term outlook, unless the price peak of $31,800 holds steady every week, there doesn’t seem to be a clear and convincing reason for the price to increase. If no significant buyers enter the market, the price may drop to its support level of 28,500. After that, it could potentially increase by 27500.

On the daily timeframe, there was a recent downward trend with the appearance of a hammer candlestick pattern. However, this pattern also indicates that new buyers have entered the market and are hoping for a potential rally. This could be the first sign of a weakening downward trend.

If the price floor of $28,500 is maintained, the price can rise to the resistance levels of $30,000 and $31,000. This is because the price is currently in a weak relative oversold state in the daily time frame.

 

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