BTC/USD Bears Test 25128 Objective: Sally Ho’s Technical Analysis – 19 August 2023
Bitcoin (BTC/USD) is showing weakness in the Asian session, with the pair at risk after dropping to its weakest level since mid-June. The current price represents a test of a major downside objective at 25128.94, which is associated with increased selling pressure. During the decline, major stops were triggered below the 27620.46 and 27991.29 areas, as well as below the 23.6% retracement level of the broader range. Technical support can be found at the 23661, 22793, and 21725 levels.
Key points:
– BTC/USD remains weak, testing a major downside objective at 25128.94.
– Major stops were triggered below the 27620.46 and 27991.29 areas.
– Technical support can be found at the 23661, 22793, and 21725 levels.
– Technical resistance and potential selling pressure can be found at various levels above the market.
– Moving averages indicate a bearish trend across different time frames.
Price activity is currently closest to the 50-bar MA (4-hourly) at 28941.97 and the 50-bar MA (hourly) at 27930.41. 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. The 4-hourly chart shows that SlowK is bearish below SlowD, while MACD is bearish below MACDAverage. On the 60-minute chart, SlowK is bearish below SlowD, while MACD is bullish above MACDAverage.
Hot Take:
BTC/USD is facing significant selling pressure and has reached a multi-month low. The technical analysis suggests that bears are in control, with multiple downside price objectives being tested. While there may be some areas of support, the overall trend remains bearish. Traders should be cautious and closely monitor the key levels mentioned to make informed decisions.
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