empty
 
 
28.08.2023 05:10 PM
Technical analysis on Bitcoin for August 28th, 2023.

This image is no longer relevant

Black line- horizontal resistance

Blue line- support trend line

Green line- major horizontal support

Bitcoin is trading around $25,700-$26,200. After price broke below the blue upward sloping support trend line, price paused the decline around the $26,000 price level. The RSI formed new lower lows and is now bouncing off the oversold levels. Price is mostly moving sideways. The oversold conditions are being relieved without price making any sizeable movement upwards. Bitcoin justifies a bigger bounce. Price can back test the broken blue trend line from below. However our most probable scenario is for price to form a lower high and continue its downward movement.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback