BTC/USD Orbiting 25912 Retracement Level: Sally Ho’s Technical Analysis – 20 August 2023
Bitcoin (BTC/USD) is currently hovering around the 25912.09 area, which represents the 61.8% retracement of its recent upward movement. Here are the key points to note:
– BTC/USD experienced selling pressure, causing it to drop to the 25610 area, which is the 78.6% retracement level.
– The pair reached its weakest point since mid-June, testing a major downside price objective at 25128.94.
– During the decline, major stops were triggered below the 27620.46 and 27991.29 areas.
– Technical support and potential buying pressure can be seen at the 23661, 22793, and 21725 levels.
– Technical resistance and potential selling pressure are observed at the 26798, 27139, 27728, 27766, 28316, 28548, 29154, 29330, and 30443 levels.
Traders are also noting that the 50-bar moving average (MA) on the 4-hourly chart is indicating a bearish signal below the 100-bar MA and 200-bar MA. The same bearish indication is seen on the hourly chart with the 50-bar MA below the 100-bar MA and 200-bar MA.
The nearest price activity is around the 50-bar MA at 28512.23 on the 4-hourly chart and 50-bar MA at 26569.93 on the hourly chart. Technical support is expected at 24440.41, 23270.10, and 22769.39 with stops expected below. Technical resistance is expected at 31986.16, 32989.19, and 34658.69 with stops expected above.
On the 4-hourly chart, SlowK is bullish above SlowD while MACD is bearish below MACDAverage. On the 60-minute chart, SlowK is bullish above SlowD while MACD is bullish above MACDAverage.
Hot Take:
Bitcoin is currently facing selling pressure and has retraced to the 61.8% level. The market is experiencing downside pressure, but there are potential areas of support and resistance to watch. Traders should monitor the moving averages for further indications of market direction.
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