BTC/USD had started an uptrend move creating higher highs with higher lows on Aug 15. On Aug 21, BTC/USD corrected lower carving out a lower low at 9800. The cryptocurrency will be looking to support at 9400 upon a confirmed break on the trendline.
Hence, a break below the Aug 15 low at 9400 could send the price towards 8900.
On the flip-side, if BTC/USD finds support on the uptrend line and breaks above 10,450, this suggests the cryptocurrency may rally towards 11,000.
A point worth highlighting is if Bulls reemerge and look to drive price higher, initial resistance will be offered by the 200-simple moving average on the chart, which has proved influential in the second-half of August.
However, I am inclined to suspect BTC price will continue to bleed lower in the short term.
Best Regards & Good trading!
Leo_X
Hence, a break below the Aug 15 low at 9400 could send the price towards 8900.
On the flip-side, if BTC/USD finds support on the uptrend line and breaks above 10,450, this suggests the cryptocurrency may rally towards 11,000.
A point worth highlighting is if Bulls reemerge and look to drive price higher, initial resistance will be offered by the 200-simple moving average on the chart, which has proved influential in the second-half of August.
However, I am inclined to suspect BTC price will continue to bleed lower in the short term.
Best Regards & Good trading!
Leo_X