FX.co ★ Technical analysis on Bitcoin for August 28th, 2023.

Black line- horizontal resistance

Blue line- support trend line

Green line- major horizontal support

Bitcoin is trading around $25,700-$26,200. After price broke below the blue upward sloping support trend line, price paused the decline around the $26,000 price level. The RSI formed new lower lows and is now bouncing off the oversold levels. Price is mostly moving sideways. The oversold conditions are being relieved without price making any sizeable movement upwards. Bitcoin justifies a bigger bounce. Price can back test the broken blue trend line from below. However our most probable scenario is for price to form a lower high and continue its downward movement.