24 August BTCUSD Price Technical Forecast: Will Bitcoin plummet further?


Bitcoin price corrected lower from yesterday’s highs at $6,541 and is currently seeking support above $6,800. Nevertheless, is further selling towards the $6,000 and $5,700 support levels possible? Find the answer in today’s 24 August BTCUSD Price Technical Forecast.

24 August, OctaFX – Cryptocurrencies continued to trade on the defensive this week, as investors remained cautious ahead of next months ruling from the US SEC over a potential Bitcoin exchange-traded fund.

Cryptos Still Soft

Bitcoin made early-week gains towards the $6,800 level but was quickly sold lower as overall buying appetite for the world’s number one cryptocurrency remained muted. Ethereum and Litecoin also failed to move away from depressed trading levels this week, as ETHUSD and LTCUSD traders also struck a cautious tone.

24 August BTCUSD Price Technical Forecast

  • The BTCUSD pair is only bullish while trading above the $6,800 level, key resistance is found at the $7,100 and $7,500 levels.
  • If the BTCUSD pair trades below the $6,800 level, further selling towards the $6,000 and $5,700 support levels remains possible.

Disclaimer

This article about 24 August BTCUSD Price Technical Forecast was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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