FX.co - BTC update for August 16,.2023 - Key support at the $29.000 on the test

2023-08-16T08:20:02

Relevance until2023-08-17

Technical analysis:

BTC update for August 16,.2023 - Key support at the $29.000 on the test

BTC/USD has been trading downside this morning and the price is testing the key support cluster at $29.100.

Potential breakout of the support cluster at the price of $29.000 can lead downside movement towards lower references at $28.800 and $28.730

Potential rejection of the support cluster $29.000 can lead price upside towards upside reference at $29.640

Short-term condition is balanced

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ BTC update for August 16,.2023 - Key support at the $29.000 on the test