BTC/USD Threatens Upward Trend

BTC/USD threatens the upward trend from earlier this year as it tumbles to a fresh monthly low ($27692).

BTC/USD Outlook

BTC/USD fails to defend the opening range for August as it extends the series of lower highs and lows from earlier this week, and Bitcoin may no longer respond to the positive slope in the 50-Day SMA ($29267) as it no longer holds above the moving average.

Failure to hold above the $27470 (23.6% Fibonacci extension) to $28220 (23.6% Fibonacci retracement) region opening up $25990 (38.2% Fibonacci retracement), with the next area of interest coming in around the June low ($24763).

Nevertheless, BTC/USD may try to track the upward trend from earlier this year should it hold above the $27470 (23.6% Fibonacci extension) to $28220 (23.6% Fibonacci retracement) region, with a move above $29140 (38.2% Fibonacci extension) bringing the monthly high ($30200) on the radar.