BTC/USD Orbiting 29164 Technicals: Sally Ho’s Technical Analysis – 6 August 2023
Bitcoin (BTC/USD) is currently trading technically and awaiting a new directional bias in the Asian session. Here are the key points to note:
1. Buying pressure has recently emerged around the 28477 area after a downward move, representing a test of a downside price objective related to selling pressure.
2. The 29164.09 area is a major level for BTC/USD, representing a previous downside price objective linked to selling pressure.
3. Additional downside price objectives include levels such as 28432, 28213, and 28137.
4. Areas of technical support and potential buying pressure can be found at levels such as 28306, 27466, and 26428.
5. Upside price objectives include levels like 30526, 30611, and 30762.
Traders should take note of the bearish indications of the moving averages, with the 50-bar MA (4-hourly) below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly). The 50-bar MA (hourly) is also indicating bearishly below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
In terms of technical levels, the nearest 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. Similarly, on the 60-minute chart, SlowK is bearishly below SlowD and MACD is bearishly below MACDAverage.
Hot Take
BTC/USD is currently in a sideways trading pattern, with both buying and selling pressure evident. Traders should closely monitor the key support and resistance levels mentioned above to determine the next directional move for Bitcoin.
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