The overall market conditions are falling into the bear trap towards the end of August. The past monthly performance of BTC suggests that the upcoming month of September is said to be bearish and the build-up is witnessed during the end of August. Pretty much similar happening in the current market scenario.
Moreover, after a negative breakout from the rising channel pattern during the past week, the price level has faced a steep decline and potentially formed a falling channel. Technical indicators suggest that more downfall can be expected in the upcoming days. RSI level has reached the oversold region and needs a positive bounceback. MACD levels have gone below the histogram again and faced multiple bearish crossovers.
Overall, incase of further downfall, support levels can be placed at $18K and $17K. However, if the world’s largest cryptoasset showcases some positive momentum, resistance levels can be placed at $21K and $23K.
Moreover, after a negative breakout from the rising channel pattern during the past week, the price level has faced a steep decline and potentially formed a falling channel. Technical indicators suggest that more downfall can be expected in the upcoming days. RSI level has reached the oversold region and needs a positive bounceback. MACD levels have gone below the histogram again and faced multiple bearish crossovers.
Overall, incase of further downfall, support levels can be placed at $18K and $17K. However, if the world’s largest cryptoasset showcases some positive momentum, resistance levels can be placed at $21K and $23K.