BTC/USD Analysis Report With Charting Trends – 04 September 2023
04 Sep 2023
BTC/USD: Bitcoin declines once more, while TON, LINK, MKR, and XTZ are projected to up-move.
In the early half of last week, Bitcoin (BTC $25,893) attempted to break out of its range, but the bulls were unable to maintain the higher levels. With its price hovering around $26,000, Bitcoin is once again trading within the range.
On the weekly chart, the price movement over the last three days has created two consecutive Doji candlestick formations, signalling uncertainty about the next directional move.
The downside may be constrained in the near term despite the difficulty of predicting the breakout’s direction due to hopes that one or more pending applications for a spot Bitcoin exchange-traded fund may eventually be approved by the United States Securities and Exchange Commission (SEC).
It is difficult to identify a precise event that could push Bitcoin outside of its range in the near future. Most significant altcoins are under pressure because to uncertainty about Bitcoin’s upcoming trending move.
Exponential Moving Average
- EMA 5: The 5-day EMA stands at 25932.90, indicating a Sell signal.
- EMA 20: The 20-day EMA is at 26142.42, signalling a Sell sentiment.
- EMA 50: The 50-day EMA currently sits at 26570.39, suggesting a Sell indication.
Simple Moving Average
- SMA 5: The 5-day SMA shows a value of 25936.87, reinforcing the Sell recommendation.
- SMA 20: With a value of 26351.58, the 20-day SMA also supports a Sell sentiment.
- SMA 50: The 50-day SMA registers at 26195.97, affirming a Sell indication.
RSI (Relative Strength Index)
The RSI, calculated over a 14-day period, stands at 39.67, signifying a negative signal.
The %K value of the Stochastic Oscillator suggests a Neutral stance.
Resistance And Support Levels
- Resistance: The resistance level is observed at 26638.14
- Support: The support level is identified at 25481.07
Summary And Trade Suggestions
In summary, the technical analysis of bitcoin points towards a sell sentiment. Considering the indicators, moving averages, and oscillators, it seems favourable for traders to enter a short position.
- Entry Point: 25105.50
- Take Profit: 23886.94
- Stop Loss: 25917.86