BTC/USD Orbiting 29164: Sally Ho’s Technical Analysis – 4 August 2023
Bitcoin (BTC/USD) is experiencing a recovery after reaching the 29253.85 area, but has since receded to the 28938.93 area. The current trading activity is centered around the 29164 area, which is a downside price objective based on recent selling pressure.
Key Points:
– Downside price objectives related to recent selling pressure include levels at 28432, 27979, 27409, 27246, and 26501.
– Additional downside price objectives below the market include levels at 28213, 28137, 27757, 27430, 27338, 27312, 26348, and 26199.
– The 28095.44 area represents the 23.6% retracement of the historic depreciating range from 69000 to 15460.
Areas of potential buying pressure and technical support include levels at 28306, 27466, 26428, and 26272. Traders are keeping an eye on the recent depreciating range from 31862.21 to 28850 and the upside retracement levels at 30356, 30711, 31151, and 31217. Upside price objectives above the market include levels at 30526, 30611, 30762, and 31145. Other levels of buying pressure indicate upside price objectives at 32125 and 33569. Stops are cited above additional upside price objectives at 32043, 34531, 34658, and 35912.
Traders are noting that the 50-bar MA (4-hourly) is indicating bearishly below the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). The 50-bar MA (hourly) is also indicating bearishly below the 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is currently closest to the 50-bar MA (4-hourly) at 29263.29 and the 100-bar MA (hourly) at 29244.81.
Technical Support is expected around 24440.41/23270.10/22769.39 with Stops expected below. Technical Resistance is expected around 31986.16/32989.19/34658.69 with Stops expected above.
On the 4-Hourly chart, SlowK is bearishly below SlowD while MACD is bearishly below MACDAverage. On the 60-minute chart, SlowK is bearishly below SlowD while MACD is bullishly above MACDAverage.
Hot Take
Bitcoin (BTC/USD) is currently in a recovery phase after facing selling pressure. However, the technical analysis suggests that there may be further downside potential. Traders should closely monitor the key levels mentioned in the analysis to determine potential buying or selling opportunities.
By
By
By
By
By
By