BTC/USD Bears Target 27466 on Downside: Sally Ho’s Technical Analysis – 18 August 2023
Bitcoin (BTC/USD) is experiencing a weak performance, with additional selling pressure around the 29665.27 area. As a result, stops have been triggered below the 28921 and 28614 levels associated with recent selling activity. The downside price objectives are focused on the 30222 and 29665.27 areas. The downside pressure has slowed around the 28316.37 area, which represents a test of the 50% retracement of the recent appreciating range. Technical support and potential buying pressure can be found in the 27466, 27166, 26428, 26272, and 25715 areas.
Key points:
– Additional selling pressure has caused Bitcoin to weaken further.
– Stops have been triggered below key levels associated with selling activity.
– Downside price objectives are focused on specific areas.
– The recent downside pressure has temporarily slowed around a certain area.
– Technical support and potential buying pressure can be found at various levels.
Upside price objectives include the 30526, 30611, 30762, and 31145 areas. Other levels of buying pressure are at the 32125 and 33569 areas. Stops are cited above additional upside price objectives. Downside price objectives associated with recent selling pressure are at various levels. The 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-bar MA (4-hourly). The 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is closest to the 100-bar MA (4-hourly) at 29249.21 and the 50-bar MA (hourly) at 28998.47. Technical support is expected at 24440.41/23270.10/22769.39 with stops expected below. Technical resistance is expected at 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. On the 60-minute chart, SlowK is bullishly above SlowD while MACD is bearishly below MACDAverage.
Hot Take:
Bitcoin is facing significant selling pressure and has weakened further. Technical indicators suggest a bearish trend, with downside price objectives and support levels to watch. It remains to be seen how Bitcoin will perform in the coming days, but caution is advised for investors.
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