Bitcoin peaked in mid-August at $12,486. Then it has been in a short-term downtrend for about 10 days. However, the BTCUSDT pair, which has not yet disrupted the March originated medium-term upward trend, continues to dominate the market. In our August 27 Bitcoin analysis, we looked at critical levels of BTC for the coming days.
Bitcoin falls in the second half of August
BTCUSDT has shown a bearish outlook, testing lows for the past 10 days. When we look at the outlook for August, it is seen that sales are met in the $11,100 band. On the other hand, the upward movement generally faces sales at $11,800.
Bitcoin, which was generally horizontal in July, started to rise towards the end of the month. This price increase, which started from the $9,200 band, continued up to $12,486 according to the latest situation. According to the Fibonacci retracement levels calculated with reference to this bottom and peak price, the Fib 0.382 value of $11,200 seems to be an important support price.
If Bitcoin can close August above this level, this may be perceived as a restricted correction by the market, and BTCUSDT may start rising into September. In this case, the first target last peak price could be $12,486. If this level breaks up on the daily chart, we can see a jump towards $13,400.
On the other hand, BTC, which is hovering above the 50-day moving average (currently 10,770), is moving in the positive zone with its current situation. In case of a possible continuation of the sell, it may collapse in case of staying below the $ 10.770 band. In this case, the $10,400 and $9,800 band can be followed as support levels in the medium term.
Summarize the current situation; The $11,800 band appears to form a serious resistance on the bullish path and the $11,200 levels in the lower zone are a support zone. According to this bandgap, whichever direction the cryptocurrency breaks in, it is likely to move in that direction.
August 27 Bitcoin Analysis: Key Technical Indicators for BTCUSDT
The daily status of Stoch RSI, RSI, and MACD indicators, which are frequently followed by the market, are as follows:
Stoch RSI: The Stochastic RSI, which shows that BTCUSDT is currently in the oversold zone, points out that sales may slow down with this state. In the following days, if the Stoch RSI indicator rises above this zone, a rapid rise can be seen in Bitcoin.
RSI: The relative strength indicator, with its position below the 50 levels, signals a short term decline. The daily close of the RSI above the 50 levels may be perceived by the market as an uptrend.
MACD: The MACD indicator, which depicts the recent pullback in Bitcoin as a sharp drop, points to bottom prices with its current level. The MACD histogram approaching the 0 levels and then moving to the positive zone may support the rise in direct proportion to other indicators.