Bitcoin market analysis

2023-08-24 11:29:39

In previous plunges, Bitcoin did not break below this key support.

For the one-hour chart of Bitcoin, around 25000~25300 is the key support position.

Although there was a sharp decline at 5 am, it quickly rebounded and reclaimed the previous lows in the consolidation area.

However, this rebound was relatively weak. The past consolidation resistance area is located between 26304-26248, and the current rebound has not yet reached this position.

It is recommended to observe the price action, and pay special attention to whether there is a rapid fall after the high pin is inserted.

For the situation where the price rises to the previous high resistance line and falls back quickly, you can consider to observe the short position at the position of 26800 or wait for the band to fall back and then chase the short.

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