BTC/USD Bitcoin Technical Analysis

The dynamic resistance zone that BTC/USD is currently testing may well trigger a bearish trend for the original cryptocurrency.

Technical Analysis
23 aug. 2023

Looking for another opportunity to short bitcoin this week (BTC/USD)?

The dynamic resistance zone that BTC/USD is currently testing may well trigger a bearish trend for the original cryptocurrency.

We discussed BTC/USD hitting the resistance of a descending channel formation just over a week ago.

Today, the pair has challenged the lows from May once more.but has now risen once more.

Is there a chance to short bitcoin now?

Since the 100 and 200 SMAs are also around the psychological level, it is not unexpected that BTC/USD is struggling to sustain demand above the $27,000 level.

In fact, the trend line that served as resistance last week is not far from $27K either!

Incorporate it with a Stochastic indicator that is (nearly) overbought, and you have the makings of a probable bearish swing.

Sellers of BTC/USD who are certain that the pair will make new monthly lows can go short at the current price and set stops slightly above the swing high of $28,500.

You can also think about purchasing BTC/USD if you believe that the third successful defense of the $26,000 is a bottom.

Just be sure to execute it above the designated resistance zone to get extra proof of a bullish breakout!

Robert Thompson

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