Technical analysis on Bitcoin for September 5th, 2023.
September 5, 2023 2:26 pm
Yellow rectangle- short-term support area
Black line-major resistance
Green line- short-term resistance trend line
Bitcoin is trading below $26,000. Price has formed a base around $25,500 and every time we see an attempt to break below it, buyers step in and support the price. Recently price formed a lower high at $28,136 and we believe that another bounce towards that level and the green resistance trend line is very probable. Support remains key for the near term around the $25,500-$25,300 shown by the yellow rectangle. A bounce higher towards the green trend line is very possible. Failure to hold above $25,300 will open the way for the next wave down towards $24,600.
The material has been provided by InstaForex Company – www.instaforex.com
Yellow rectangle- short-term support area
Black line-major resistance
Green line- short-term resistance trend line
Bitcoin is trading below $26,000. Price has formed a base around $25,500 and every time we see an attempt to break below it, buyers step in and support the price. Recently price formed a lower high at $28,136 and we believe that another bounce towards that level and the green resistance trend line is very probable. Support remains key for the near term around the $25,500-$25,300 shown by the yellow rectangle. A bounce higher towards the green trend line is very possible. Failure to hold above $25,300 will open the way for the next wave down towards $24,600.
The material has been provided by InstaForex Company – www.instaforex.com
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