FX.co ★ Technical analysis on Bitcoin for August 31st, 2023.

Green line -major horizontal support

Black line- major horizontal resistance

blue line- support trend line (broken)

Bitcoin is trading around $27,170. With the RSI in the middle of the range, having bounced from the oversold levels, price has back tested the broken blue support trend line from below. Price has formed a lower high so far. In our previous analysis we noted that a bounce was justified from $26,000 price level because price was oversold in the near term and a back test of the broken trend line was expected. Support is found at recent lows around $26,000-$25,700. A break below this level will open the way for a move even lower. We continue to believe that Bitcoin remains vulnerable to more downside.