Bitcoin traders pinpoint support levels as BTC price taps $26.2K
When a possession is overbought or oversold at an offered rate point.This post does not include investment suggestions or suggestions, the RSI tries to measure. Every financial investment and trading move involves risk, and readers must perform their own research when making a choice.
Source: TradingViewBTC price 200-week EMA stands out as supportData from Cointelegraph Markets Pro and TradingView followed a BTC price uptick into the days Wall Street open.BTC/ USD handled $26,226, marking its highest level because Aug. 25 and fully compensating for the weakness seen overnight.News that China had actually cut tax on stock trading by 50% appeared to buoy U.S. futures into the open. The S&P 500 and Nasdaq Composite Index subsequently opened up 0.6% and 0.7%, respectively.
Eyeing the trading landscape for the coming week, Michaël van de Poppe, founder and CEO of trading firm Eight, flagged the 200-week rapid moving average (EMA) at around $25,700 as a crucial assistance zone to secure.” First of all, the 200-Week EMA lies beneath us. Its at $25,650 (Bitstamp) or $24,750 (Binance). The conclusion is, you do not wish to drop below that level and you d preferably want to imitate 2015-2016 sideways duration,” he composed in part of a post on X (previously Twitter).” If the 200-Week EMA sustains, conclusions are that were bottoming out here and we are possibly getting a massive entry point. I d be looking at a case of $19,500-21,500 as the next big entry point and final capitulation if its lost. On the lower timeframes and over the week, its still possible to sweep below the 200-Week EMA. As long as we do not lose the level.” BTC/USD annotated chart. Source: Michaël van de Poppe/XVan de Poppe continued that order book liquidity “more than likely” resided listed below the 200 EMA.” In that regard, a sweep of that location is the most likely outcome,” he wrote. “Two techniques can be deployed: 1 – Sweep at $25,750 for an aggressive long entry towards the other side of the variety (entry can only be taken after the sweep and when $25,750 is recovered). 2 – Sweep of $25,200 towards $24,700-25,000 (the 200-Week EMA on Binance) and bullish divergences on greater timeframes. Thats the golden trade and might be the start of a turnaround. However, $25,750 ought to be recovered in the bounce, otherwise this trade might be invalid/stopped out.” BTC/USD annotated chart. Source: Michaël van de Poppe/XPopular trader Titan of Crypto on the other hand highlighted $25,900 as a prominent zone of interest.”$ 25,900 is the level to view,” he summed up in part of X analysis. As soon as more on the weekly timeframe, #Bitcoin $25,900 is the level to see Kijun at $25.9 k supported the #BTC rate. Thats the level to watch.If it holds, I wont be amazed to see a pullback to Tenkan at around $28.4 k. pic.twitter.com/VDcJQczDwc— Titan of Crypto (@Washigorira) August 28, 2023
— 5 things to understand in Bitcoin this weekAs Cointelegraph reported, depending on the timeframe in concern, these reached levels not seen in five years after the 10% BTC rate dip 10 days back.” RSI still very low, for 1.5 weeks already now,” part of their X commentary on Aug. 28 read.
Bitcoin (BTC) recovered its weekly close losses on Aug. 28 as threat possessions rose on Chinese tax cuts.BTC/ USD 1-hour chart. Source: TradingViewBTC rate 200-week EMA stands out as supportData from Cointelegraph Markets Pro and TradingView followed a BTC price uptick into the days Wall Street open.BTC/ USD managed $26,226, marking its highest level since Aug. 25 and completely compensating for the weakness seen overnight.News that China had actually cut tax on stock trading by 50% appeared to buoy U.S. futures into the open. The S&P 500 and Nasdaq Composite Index consequently opened up 0.6% and 0.7%, respectively. #Bitcoin $25,900 is the level to enjoy Kijun at $25.9 k supported the #BTC price as soon as more on the weekly timeframe.– 5 things to know in Bitcoin this weekAs Cointelegraph reported, depending on the timeframe in concern, these reached levels not seen in five years after the 10% BTC rate dip 10 days ago.