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Bitcoin has turned in a rather bearish week of trading and late last night the 29,000.00 proved vulnerable and support levels from early August and late July suddenly couldn’t hold back selling momentum. The price of BTC/USD as of this writing is near 28630.00. Speculators who are willing to pursue Bitcoin in the short-term should anticipate additionally fast conditions. Support near the 28,200.00 could prove to be a lynchpin for action if it is legitimately tested.
BTC/USD did trade near the 28,300.00 mark in early trading this morning, but did reverse upwards. The 29,000.00 could prove to be interesting resistance above psychologically for traders who are hoping for a turnaround higher. After failing to seriously challenge the 30,000.00, after trading slightly above the level on Wednesday of last week BTC/USD has seen value decrease.
This Morning’s Move Lower Could be concerning for BTC/USD Speculators
The 28,700.00 mark had been tested in early August and also in the last week of July, but had been able to maintain support. Reversals higher had been produced, but also failed to topple resistance. High water marks around 31,870.00 were seen on the 13th of July, but buying has not been able to create solid momentum since hitting this mark which touched values not seen since May 2022.
- BTC/USD remains a speculative game of perception according to technical timeframes being contemplated.
- If a one year chart is being considered, BTC/USD remains near its highs and may look tempting for some traders.
However, BTC/USD when looked at over a five year period remains within a challenging price range. Resistance around the 31,000.00 looks very important and support near 25,000.00 appears a key. Day traders though cannot work with these price levels and if they are pursuing intraday changes to value, short-term sentiment is vital to interpret. BTC/USD appears to have nervous selling sentiment in its midst for the moment. If the 28,400.00 to 28,200.00 ratios begin to be tested, this could spark more downward pressure if lower short-term values are sustained.
Bitcoin Remains the Pursuit of Gamblers and True Believers
Short-term traders of BTC/USD who want to speculate on the digital asset must understand the speed which can suddenly develop in the asset. Entry price orders are essential to get a ‘fill’ that is reasonable, but stop loss and take profit orders must also be used to quickly to guard against price velocity like this morning, which produced swift and dangerous value trajectories. Speculators who believe downside price action may continue to linger in BTC/USD cannot be blamed, but all wagers on Bitcoin must be done with the acknowledgement reversals can arise seemingly from nowhere.
Bitcoin Short Term Outlook:
Current Resistance: 28,790.00
Current Support: 28,475.00
High Target: 29,100.00
Low Target: 27,900.00
