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Technical Analysis of Bitcoin on 23/08/2023 – 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: 1.080222
• Second Key support level of EUR/USD: 1.07
• Third Key support level of EUR/USD: 1.063666
• First key resistance level of EUR/USD: 1.09
• Second Key resistance level of EUR/USD: 1.095
• Third Key resistance level of EUR/USD: 1.104

• First key support level of USD/CHF: 0.876435
• Second Key support level of USD/CHF: 0.8723
• Third Key support level of USD/CHF: 0.87
• First key resistance level of USD/CHF: 0.881972
• Second Key resistance level of USD/CHF: 0.886
• Third Key resistance level of USD/CHF: 0.890406

• First key support level of GBP/USD: 1.261633
• Second Key support level of GBP/USD: 1.258934
• Third Key support level of GBP/USD: 1.25
• First key resistance level of GBP/USD: 1.278714
• Second Key resistance level of GBP/USD: 1.284047
• Third Key resistance level of GBP/USD: 1.29

• First key support level of USD/JPY: 144.576
• Second Key support level of USD/JPY: 143.9076
• Third Key support level of USD/JPY: 143
• First key resistance level of USD/JPY: 146.410
• Second Key resistance level of USD/JPY: 147
• Third Key resistance level of USD/JPY: 147.540

 

Technical Analysis of Bitcoin on 23/08/2023

According to the analysis of Bitcoin from August 2, 2023, the price was expected to reach critical levels of $30,000 and $31,000. While the buyers were able to push the price to $30,000, it ultimately fell. The price of Bitcoin fell heavily last week, with sellers reaching a low of $25328.81 during the downward trend.

There is no apparent reason for the price increase based on long-term movements (monthly and weekly). If the support band (25000 – 25328) is threatened or destroyed, the price could decrease further and reach essential support levels, namely 23,600 and then 22,000 dollars.(Warning for buyers with medium-term transactions)

In shorter periods like daily and 4 hours, the price is oversold. A price floor of $25,328 (with an ideal hammer pattern) indicates potential for weak price correction and rises in the following candles.

An ascending harmonic bat pattern has formed between the price floor of 24744.86 and the price ceiling of $31810.58. A warning is generated when the D point of this pattern is created, indicating a decrease in the power of sellers and a possible increase.

If the buyers aim for the $26,170 resistance level while maintaining the current price floor, the price may correct a downward trend towards the $26,800 and $27,000 resistance levels.

 

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