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Bitcoin Price Forecast: Is it Starting an Upward Trend? August 30 BTC Analysis

  • Price Near Gray Resistance Zone: Bitcoin exhibits movements close to the gray resistance zone in the 2-hour technical analysis.
  • Importance of Critical Resistances: If the $28,000 resistance is surpassed, the uptrend may continue, but attention should be paid to the closings.
  • Support and Resistance Levels: If the $26,600 support receives a strong buying response, the uptrend may begin. Additionally, breaking the $28,300 – $28,600 resistances is crucial; otherwise, there is potential for a decline.

BTC’s 2-hour technical analysis shows that the price is moving close to the gray resistance zone. Surpassing the $28,000 resistance can sustain the uptrend, but attention should be paid to the closings above this resistance. The $26,600 support and $28,300 – $28,600 resistances are important for the future movement of the price.

Medium-Term BTC Analysis

Daily BTC/USD Price Chart
Daily BTC/USD Price Chart

When examining the daily technical analysis of Bitcoin, it can be observed that there was a rapid increase after Grayscale won its ETF case against the SEC. The price quickly rose to $28,142 by surpassing the critical $27,000 resistance mentioned in the previous analysis.

If the Bitcoin price can sustain its daily closings above the $27,000 level, it may aim to move towards the $28,300 – $28,600 range. However, in case of strong selling pressure from the red line range, the downtrend may continue down to the $26,000 levels.

In this context, it is important for BTC to quickly surpass the $28,300 – $28,600 resistance range and move its uptrend towards the $30,400 resistance. However, if it fails to break these resistances, the downward movement may resume, and investors are advised to closely monitor the specified support levels.

Short-Term BTC Analysis

2-Hour BTC/USD Price Chart
2-Hour BTC/USD Price Chart

When examining the 2-hour technical analysis of Bitcoin, it can be observed that the price is making movements close to the gray resistance zone. If the BTC price rises back to the gray resistance zone, short confirmations can be sought considering the $28,200 level as the stop-loss level.

However, if the BTC price can surpass and sustain above the $28,000 resistance, it may aim to continue its uptrend. Therefore, attention should be paid to the candlestick closings at the $28,000 level. However, if it fails to surpass the $28,000 resistance, the price may move towards the $26,600 support, initiating a downtrend.

If Bitcoin receives a strong buying response at the $26,600 level, it may start its upward movement from this level towards the $28,400 level.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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