BTC/USD Narrow Range After 29399: Sally Ho’s Technical Analysis - 5 August 2023
Bitcoin (BTC/USD) is currently trading in a narrow range around the 29164 area. Here are the key points to note:
- Bears have kept BTC/USD below the 29399.97 area, which was a previous downside price objective related to selling pressure.
- Minor buying pressure has emerged around the 29083.19 area, which was an upside price objective associated with buying pressure.
- Additional downside price objectives linked to recent selling pressure include levels such as 28432, 27979, 27409, 27246, and 26501.
- Traders are also monitoring areas of technical support and potential buying pressure at levels such as 28306, 27466, 26428, and 26272.
- Upside price objectives include levels such as 30526, 30611, 30762, and 31145, with stops cited above additional upside price objectives.
Technical indicators show that the 50-bar MA (4-hourly) and the 50-bar MA (hourly) are both indicating bearish signals. Price activity is nearest the 50-bar MA (4-hourly) at 29260.19 and the 50-bar MA (hourly) at 29199.93.
Subscribe to our Social Media for Exclusive Crypto News and Insights 24/7!
In conclusion, BTC/USD is currently in a narrow range, with bears keeping the price below key resistance levels. Traders should watch for potential buying opportunities at support levels and consider the bearish signals from technical indicators.
