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Bitcoin (BTCUSD) Price Ready for Trend Reversal at the $25793.11 Support Level

Johnathon Fox
08/21/2023 | UPDATED ON: 08/21/2023

Bitcoin (BTCUSD) Price Forecast: August 21
The BTCUSD price is ready for a trend reversal at the above-mentioned support and is now set for the next bull cycle, a swift increase is expected to follow soon. The largest cryptocurrency price showcased a 7% intraday loss leading to a breakdown below the daily support trend line at the $25793.11 price level. Therefore, if the buying team could trigger their forces in the market, the coin price may reverse and turn positive to retest its previous high of $31862.21 level. Hence, a bullish crossover above the mentioned swing high will boost the bullish momentum and could push the prices high to hit the $32000.00 upper supply trend line. Thus, a buy signal and a great turnaround for the coin investors.

Key Levels:
Resistance Levels: $22000.00, $23000.00, $24000.00
Support Levels: $20000.00, $19000.00, $18000.00
Bitcoin (BTCUSD) Price Ready for Trend Reversal at the $25793.11 Support Level
BTC (USD) Long-term Trend: Bearish (Daily Chart)
The BTCUSD pair is trading in the bearish trend market in its long-term outlook. The price bar can be seen obviously below the moving average lines and has confirmed its bearishness.

The interference of short-term traders to the $26048.89 low level during yesterday’s trading session has contributed to its bearish momentum in its recent low.

Currently, the Bitcoin market price trades at a $25793.11 low value below the support trend levels, due to a high bearish impact. The potential investors waiting for an entry opportunity can grab an entry opportunity at the aforementioned level or wait for a bullish trend line breakout.

Meanwhile, if the long traders could increase their buying motive, the price of Bitcoin might reverse to the upside and breach the previous high of $31862.21 value leading to an intraday gain for long traders.

Adding to that, the BTCUSD price is ready for a trend reversal at the $25793.11 support level as indicated by the daily signal, pointing up in the oversold region.

This means that the selling pressure is exhausted. This will compel the buying crew to kick-start the bullish correction phase, the $32000.00 upper high level might be the target in the coming days in the higher time frame.

BTC (USD) Medium-term Trend: Bearish (4H Chart)
The currency pair is trading below the moving averages, an indication of bearish market sentiment in its medium-term time frame.
Bitcoin (BTCUSD) Price Ready for Trend Reversal at the $25793.11 Support Level
The bears’ pressure on the cryptocurrency at the $25982.10 support value in the past few hours has made the price stay below the supply levels in recent times.

The interaction from sellers drove the Bitcoin price down to a low at $25912.55 value below the moving averages after which the buying crew returned briefly and made a correction to a high at $25976.00 value shortly after the 4-hourly chart commenced today.

An additional effort by the long-term traders could increase the coin price further above the supply trend lines at a $29968.00 high value which would restore a high price to the crypto market leading to great profits for the coin holders.

Additionally, the price of BTCUSD will most likely continue its trend reversal pattern as shown by the daily stochastic pointing up. It is therefore expected of buyers to push the coin price up to a $32000.00 high level soon in its medium-term perspective.

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About Johnathon Fox

Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.

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