BTC-“Weakness Persistent but Weekly Supports Intact”

8-Hour Analysis:

Big Picture: Sellers have maintained the upper hand by maintaining pressure and have been able to hold the price below $26,000 for the previous few hours. Over the last few sessions, the pressure has been building around the weekly support levels, and if sellers fail to break below these levels, they could experience exhaustion, leading to another wave of aggressive short-coverings. The breakdown of weekly supports is critical for sellers to maintain their strong selling pressure.

On the Upside there has been no significant change from yesterday’s session. However, if bulls continue to hold the weekly supports, buyers may make an unexpected entrance, pushing prices back up towards the higher resistances. The resistance levels for the day remain about 25,960, followed by 26,125. Above these levels, the price has next resistance around the ranges of 26,350 to 26,550, and a stronghold above this area might lead to some panic short-coverings, pushing price higher towards the EMA-100 level once again.

On the Downside Sellers have recorded their lowest candle closing in the last18 trading sessions. Bitcoin has lost the support level of 25,800, which had held since August 18th and allowed no candle to close below it, but the constant pressure exerted by sellers has now breached this support level, exposing price lower into 25,620, followed by weekly supports at 25,250 to 24,800 levels.