BTC/USD: Important Support Tested And Still Being Challenged
Date
9/27/2023 2:24:00 PM
(MENAFN- Daily Forex) BTC/USD was trading near the 27,500.00 level on Tuesday the 19th of September, which was not able to sincerely test higher values seen in late August that briefly touched the 28,000.00 ratio. After touching the mid-September highs, suddenly BTC/USD began to cascade lower. BTC/USD hit 26,500.00 on Thursday the 21st. Last week saw the consolidated lower price realm remain in sight.
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Trading this week started off with a flurry higher on Sunday when BTC/USD momentarily went towards the 26,700.00 mark, but again a reversal lower developed and as of this writing Bitcoin is trading near 26,200.00 with behavioral sentiment looking flustered and perhaps weak. The ability to break through resistance in late June and create a high of nearly 31,820.00 on the 13th of July, has developed a stark bearish trend once again which has become troubling for Bitcoin backers.Monitoring the Lower Support Levels in BTC/USD
On September 11th BTC/USD did hit a low of nearly 24,940.00. The ability of Bitcoin to break through the 25,000.00 ratio briefly and then produce a solid move upward until the 19th of September is noteworthy. However, the upward movement has seemingly run out of gas and until a sincere amount of bullish momentum can be generated again it appears support near the 26,000.00 looks like a potential target for speculators.
Day traders of BTC/USD need to use entry orders with an exact price when attempting to pursue the digital asset for speculation. If an entry order is not used the price fill received by the trader may not be what was anticipated. Traders also need to use an extremely conservative amount of leverage if they are wagering in fast conditions because the change of a handful of 'pips' can shatter a trading account if a speculator cannot afford moves that go against the chosen direction.Trading the 26,000.00 Ratio for Sustained Moves Lower
Support near the 26,000.00 level must be watched. If this ratio is penetrated lower and prices are sustained beneath it could signal additional selling in BTC/USD could develop. If BTC/USD were to suffer a stiff selloff in the near term and add to the rather nervous sentiment that exists in the cryptocurrency world now, bearish traders may believe a strong wave lower can be produced again. Traders should not get overly ambitious regarding their targets for BTC/USD in either direction. Digital asset moves like lightning sometimes and is not easy to pursue trades unless a speculator can absorb a great deal of volatility.
Bitcoin Short-Term Outlook:
Current Resistance: 26,350.00
Current Support: 26,025.00
High Target: 26,700.00
Low Target: 25,675.00
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