Short

Why could BITCOIN drop to $21,000

Updated

The BTC/USDT price can move for any number of reasons, but in this analysis, we will base it on the recent price patterns.

The price pattern in blue is taken from August 7th to August 28th, 2023. It was applied to the price on August 22nd, and so far, it has been moving similarly, as you can see on the chart.

If the same pattern continues, the BTC/USD could drop to 21,000 USD, according to the chart. However, the market moves in mysterious ways, so it is better to be safe than sorry and keep your guard up. Monitor the price action and price resistance levels to find your trade ideas.

Happy trading, and may the force be with you.

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Good morning,

The price seems stable within the blue price pattern price range. As long as it continues, we could still see the drop in price as indicated in this chart.

As always, stay safe (by practicing risk management) and stay vigilant (by monitoring the price action/resistance levels).

Happy trading, and may the force be with you.

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Good day,

The force seem to be with buyers at the moment.

In addition, as USD dropped today and showing potential to drop more, BTC seem to go up.

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UPDATE:

+ USD/JPY Buy Resistance Hit

+ BTCUSD Sell Resistance Hit

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+ S&P Sell Resistance Hit

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UPDATE NEWS: Matrixport, a crypto services provider with over $3 billion in assets under management, is turning cautiously bullish on bitcoin.

(Crypto services provider Matrixport, which has more than $3 billion in assets under management)

Points:

- They believe that Treasury yields are likely to drop, which would push risk assets, including cryptocurrencies, higher.
- They are recommending that traders take long positions in bitcoin with a tight stop loss below $25,800.
- This means that traders should buy bitcoin now, but set a limit order to sell if the price drops below $25,800.

Source: CoinDesk (Aug 29, 2023 at 5:17 p.m.)

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Will the market forces trigger their stop loss?

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UPDATE BTC:
Buy Resistance Hit

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BTC JUMP

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The above chart shows how we could be back on track, if we break the trend line.

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tokyoanon

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