Bitcoin (BTC/USD) Technical Analysis

BTC/USD Large Stops Below 27991: Sally Ho’s Technical Analysis – 9 August 2023

Bitcoin (BTC/USD) is struggling to sustain moves above the 29500 area and is facing resistance. The failure to reach last month’s high has resulted in bearish momentum, with the pair currently hovering around the 28960 area. Large stops are positioned below the 27991.29 area, and there are additional areas of support at 27466, 27166, 26428, 26272, and 25715.

Key points:
1. BTC/USD is facing technical resistance and struggling to sustain moves above 29500.
2. Bearish momentum has resulted from the failure to reach last month’s high.
3. Large stops are positioned below 27991.29, representing a significant support level.
4. Additional areas of support include 27466, 27166, 26428, 26272, and 25715.
5. Downside price objectives include 28432, 28213, 28137, 27979, 27757, 27430, 27409, 27338, 27312, 27246, 26501, 26348, and 26199.

Technical support is expected around 24440.41, 23270.10, and 22769.39, with stops expected below. On the other hand, technical resistance is expected around 31986.16, 32989.19, and 34658.69, with stops expected above.

In summary, BTC/USD is facing resistance and struggling to maintain upward momentum. Large stops are positioned below a significant support level, and there are additional areas of support. Downside price objectives indicate potential further decline, while technical support and resistance levels are important to watch.

Hot Take: BTC/USD is currently facing resistance and struggling to maintain upward momentum. Traders should closely monitor the support and resistance levels, as well as the large stops below the significant support level, to determine the future direction of the pair.