RATE Group | Bitcoin (BTC) Price Watch: Testing Uptrend Channel Support
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Bitcoin (BTC) Price Watch: Testing Uptrend Channel Support

23 Aug Bitcoin (BTC) Price Watch: Testing Uptrend Channel Support

Posted at 05:06h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price sold off after the SEC rejection of ETF applications but is finding support at the channel.
  • Price is still trading inside an ascending channel and is currently testing the very bottom.
  • A bounce could take it up to the next upside targets marked by the Fibonacci extension tool.

Bitcoin price is pulling back after its recent surge and is deciding whether to make a bounce or a break from the channel support.

Technical Indicators Signals

The 100 SMA is still above the longer-term 200 SMA to show that the path of least resistance is to the upside. This suggests that support is more likely to hold than to break or that the uptrend is more likely to resume than to reverse.

The area of interest around the broken $6,500 resistance is also in line with the channel support and dynamic inflection points at the moving averages. If the floor holds, bitcoin price could climb to the 38.2% Fib extension first near the mid-channel area of interest at…

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