When Will Bitcoin End Its Decline Movement? August 17 BTC Analysis

• Bitcoin is trying to reach the support zone of $28,500 and is trading at levels around $28,535.
• If the BTC price closes below $28,500 for 4-hour candles, it could drop to levels of $28,270.
• If the price continues to stay above $28,500, the upward trend could expand towards $29,220 and $30,400 levels.

Bitcoin is currently attempting to hold on to the support zone of $28,500 and is trading at $28,535. If the price closes below $28,500 for 4-hour candles, a drop to $28,270 levels could occur. However, if it remains above $28,500, there is a possibility of the upward trend moving towards $29,220 and $30,400 levels.

Medium-Term BTC Analysis

Daily BTC/USD Price Chart

When examining the daily technical chart of Bitcoin, it can be seen that it experienced a drop to the critical support range of $28,600 – $28,200 and is planning to rebound from there. As long as the BTC price closes daily candles above the $28,200 level, it has the potential to rise to $31,000 and then $32,000 levels.

However, if the BTC price closes below the $28,200 level on a daily basis, it could extend the downward trend to the $27,700 region. If daily candle closures occur below $27,700, there is a possibility of continuing the downward movement towards the $27,300 levels. Investors should carefully observe the $28,200 support.

If the Bitcoin price closes daily below the mentioned support of $27,300, it could expand the downward trend towards the $26,600 levels. Bitcoin investors should closely monitor the support and resistance levels mentioned in the analysis.

Short-Term BTC Analysis

When examining the 4-hour technical chart of Bitcoin, it can be observed that the price is trying to hold on to the support zone of $28,500. Currently, the BTC price is trading at levels around $28,535. If the Bitcoin price closes 4-hour candles below the $28,500 level, it could continue the downward movement towards $28,270 levels.

However, if the Bitcoin price manages to hold above the $28,500 support, it could expand the upward trend from these levels to first reach the $29,220 level and then the $30,400 levels. In this case, Bitcoin’s projected movement in this analysis could increase the potential for an upward trend in altcoins as well.

If the Bitcoin price closes 4-hour candles below the $28,288 level, it could expand the downward trend towards the next critical support levels of $27,800 and $27,200.