Bitcoin begins in September under pressure after a brutal closing of August, now all eyes are at $ 100K. Bitcoin closed the month of August with a disappointing week for the bulls. After making a new maximum of all time in mid -August a little more than $ 124,000, Bitcoin has put three red candle closures in the weekly table. The candle last week closed near the minimums, balancing the impulse clearly towards the bears.
The MACD oscillator confirmed a bearish cross at the weekly closure too, which should help keep the pressure down at the entrance this week. RSI is now sitting in a relatively neutral position just above line 50, but at its lowest level since mid -April.
This first week of September will make Bitcoin go down to test the support levels of prices consolidation from May to June. Bulls will look for the high volume node around $ 104,000-105,000 to maintain the price, and will ideally prevent the sail of this week from closing below that level. The bears will try to boost the price through this return support to the Extension of Fibonacci Key 1.618 from the Bear 2022 market to $ 102,000. Closing this week in the neighborhood of $ 102k or lower would be very bad for the bulls, since it would threaten to break below the infamous laser eye level of $ 100,000 and test the last minimum swing at $ 98,000.
Taking $ 100,000 to the inconvenience would give a lot of weight to the thesis of “the upper long -term part is in”. $ 96,000 is basically the last defense line here for the bulls if the price manages to go through all those higher support levels.
So go to this week, look for buyers to try to intervene and change things at the level of $ 105,000. Bulls will seek to correct the ship this week and put some kind of investment candle to change things. But for now, the Bears have total control and will seek to continue the sale pressure in September.
Terminology Guide:
Bulls/Bullish: Buyers or investors who expect the price to rise more.
Bears/bassists: Sellers or investors who expect the price to decrease.
Support or support level: A level at which the price must be maintained for the asset, at least initially. The more you touch the support, the weaker it becomes and the more likely it will have not to have the price.
Resistance or resistance level: Opposite to support. The level that probably rejects the price, at least initially. The more you touch the resistance, the weaker it becomes and the more likely it will have not to contain the price.
Invotive Fibonacci and extensions: Relations based on what is known as the golden relationship, a universal relationship related to growth and cycles of decomposition in nature. The golden relationship is based on the constants Phi (1,618) and Phi (0.618).
Oscillators: Technical indicators that vary over time, but generally remain within a band between established levels. Therefore, they range between a low level (which generally represents oversized conditions) and a high level (which generally represents overload conditions). For example, Relative Resistance Index (RSI) and Mobile Average Convergence Delivery (MACD).
Macd Oscillator: The convergence of the mobile average is an impulse oscillator that remains the difference between 2 mobile averages to indicate trend and impulse.
RSI oscillator: el The relative force index is a time oscillator that moves between 0 and 100. It measures the price speed and changes in the speed of price movements. When RSI is over 70 years old, it is considered to be exceeded. When RSI is below 30, it is considered oversized.
