{"id":13003,"date":"2023-08-28T18:38:21","date_gmt":"2023-08-28T18:38:21","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=13003"},"modified":"2023-08-28T18:38:32","modified_gmt":"2023-08-28T18:38:32","slug":"bitcoin-traders-pinpoint-support-levels-as-btc-price-taps-26-2k","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13003","title":{"rendered":"Bitcoin traders pinpoint support levels as BTC price taps $26.2K"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) recovered its weekly close losses on Aug. 28 as risk assets rose on Chinese tax cuts.<\/p>\n<p><em>BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<h2>BTC price 200-week EMA stands out as support<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView followed a BTC price uptick into the day\u2019s Wall Street open.<\/p>\n<p>BTC\/USD managed $26,226, marking its highest level since Aug. 25 and fully compensating for the weakness seen overnight.<\/p>\n<p>News that China had cut tax on stock trading by 50% appeared to buoy U.S. futures into the open. The S&amp;P 500 and Nasdaq Composite Index subsequently opened up 0.6% and 0.7%, respectively.<\/p>\n<p lang=\"en\" dir=\"ltr\">$BTC still in a 3 day composite but has shown signs of absorption below. I wish it was liquid enough like the ES or NQ to simply justify saying &#8220;Hold 26.1 and those singles at 26275 get cleaned up&#8221;<\/p>\n<p>Strong drive off the open for stocks.<\/p>\n<p>It&#8217;s Monday, so not looking to do anything\u2026 pic.twitter.com\/6ObqBLIx5z<\/p>\n<p>\u2014 HORSE (@TheFlowHorse) August 28, 2023<\/p>\n<p>Eyeing the trading landscape for the coming week, Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, flagged the 200-week exponential moving average (EMA) at around $25,700 as a key support zone to protect.<\/p>\n<p>\u201cFirst of all, the 200-Week EMA lies beneath us. It\u2019s at $25,650 (Bitstamp) or $24,750 (Binance). The conclusion is, you don\u2019t want to drop beneath that level and you\u2019d preferably want to mimic 2015-2016 sideways period,\u201d he wrote in part of a post on\u00a0X (formerly Twitter).<\/p>\n<p>\u201cIf the 200-Week EMA sustains, conclusions are that we\u2019re bottoming out here and we are potentially getting a massive entry point. If it\u2019s lost, I\u2019d be looking at a case of $19,500-21,500 as the next big entry point and final capitulation. On the lower timeframes and over the week, it\u2019s still possible to sweep below the 200-Week EMA. As long as we don\u2019t lose the level.\u201d<em>BTC\/USD annotated chart. Source: Micha\u00ebl van de Poppe\/X<\/em><\/p>\n<p>Van de Poppe continued that order book liquidity \u201cmost likely\u201d resided below the 200 EMA.<\/p>\n<p>\u201cIn that regard, a sweep of that area is the most likely outcome,\u201d he wrote. <\/p>\n<p>\u201cTwo strategies can be deployed: 1 &#8211; Sweep at $25,750 for an aggressive long entry towards the other side of the range (entry can only be taken after the sweep and when $25,750 is reclaimed). 2 &#8211; Sweep of $25,200 towards $24,700-25,000 (the 200-Week EMA on Binance) and bullish divergences on higher timeframes. That\u2019s the golden trade and could be the start of a reversal. However, $25,750 should be reclaimed in the bounce, otherwise this trade could be invalid\/stopped out.\u201d<em>BTC\/USD annotated chart. Source: Micha\u00ebl van de Poppe\/X<\/em><\/p>\n<p>Popular trader Titan of Crypto meanwhile highlighted $25,900 as a prominent zone of interest.<\/p>\n<p>\u201c$25,900 is the level to watch,\u201d he summarized in part of X analysis.<\/p>\n<p lang=\"en\" dir=\"ltr\">#Bitcoin $25,900 is the level to watch <\/p>\n<p>Kijun  at $25.9k supported the #BTC price once more on the weekly timeframe. That&#8217;s the level to watch.<br \/>If it holds, I won&#8217;t be surprised to see a pullback to Tenkan  at around $28.4k. pic.twitter.com\/VDcJQczDwc<\/p>\n<p>\u2014 Titan of Crypto (@Washigorira) August 28, 2023<\/p>\n<h2>Bitcoin RSI stays \u201cvery low\u201d for second week<\/h2>\n<p>Elsewhere, fellow trader Pheonix referenced persisting low levels on Bitcoin\u2019s relative strength index (RSI) on lower timeframes.<\/p>\n<p><strong><em>Related:\u00a0September \u2018crash\u2019 to $22K? \u2014 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>As Cointelegraph reported, depending on the timeframe in question, these reached levels not seen in five years after the 10% BTC price dip ten days ago.<\/p>\n<p>\u201cRSI still very low, for 1.5 weeks already now,\u201d part of their X commentary on Aug. 28 read. <\/p>\n<p>\u201c7\/8 times it went below 25 the last years, corresponded to the (local) bottom &amp; a 30% minimum rise followed.<\/p>\n<p>Further analysis showed the one exception to the rule coming in September 2019.<\/p>\n<p lang=\"en\" dir=\"ltr\">#Bitcoin RSI still very low, for 1.5 weeks already now<\/p>\n<p>7\/8 times it went below 25 the last years, corresponded to the (local) bottom &amp; a 30% minimum rise followed <\/p>\n<p>Most often $BTC gained more % in value  <\/p>\n<p>1 fail: Sep &#8217;19 <br \/>4 local bottoms: Nov &#8217;19, May &#8217;21, Jan &#8217;22 &amp; June &#8217;22\u2026 https:\/\/t.co\/2yNxDStkD8 pic.twitter.com\/PA4nVJkdTB<\/p>\n<p>\u2014 Phoenix (@Phoenix_Ash3s) August 28, 2023<\/p>\n<p>The RSI attempts to measure when an asset is overbought or oversold at a given price point.<\/p>\n<p><em><strong><em>Collect this article as an NFT<\/em><\/strong><em> to preserve this moment in history and show your support for independent journalism in the crypto space.<\/em><\/em><\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-traders-support-levels-btc-price-taps-26\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) recovered its weekly close losses on Aug. 28 as risk assets rose on Chinese tax cuts. BTC\/USD 1-hour chart. Source: TradingView BTC price 200-week EMA stands out as support Data from Cointelegraph Markets Pro and TradingView followed a BTC price uptick into the day\u2019s Wall Street open. BTC\/USD managed $26,226, marking its highest [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13004,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13003","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13003","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13003"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13003\/revisions"}],"predecessor-version":[{"id":13005,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13003\/revisions\/13005"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13004"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}