Bitcoin BTC/USD Technical Analysis
Bitcoin
(BTC/USD) appears poised to rebound from a technical support area after
breaching below a trend line support.
Your thoughts?
Today,
we're examining the daily chart.
As
you can see, the trend line support for BTC/USD has been present since the
beginning of the year.
It's
interesting to note that the decline in the value of bitcoin paused about the
time when BTC/USD struck a significant area of interest.
I'm
referring to the psychological level of $26,000.
The
$25,500 - $26,000 range not only functioned as resistance in February, but it
was also the place where BTC/USD bounced in the middle of June.
This
time, a potential range support in the daily time frame is in the
$25,500–26,000 region.
Even
Stochastic, which flashes a "oversold" signal, is suggesting a
potential bounce.
A
rebound from the present levels of BTC/USD might push the pair back up to the
$28,000 mid-range region, which is also close to the areas of the broken trend
line and SMA.
If
there is enough momentum, we might possibly witness a comeback to the 2023
highs over $31,000!
However,
I wouldn't rule out additional declines.
Be
aware that the price of BTC/USD is currently trading below the 100 and 200 SMAs
for the first time since a bullish crossover took place in early March.
We
could witness a decline back to the prior regions of interest at $24,000 or
$22,700 if BTC/USD falls below the range support zone that we're observing.
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