BTC/USD Technical Analysis

BTC/USD Orbiting 29372 Objective: Sally Ho’s Technical Analysis – 14 August 2023

Bitcoin (BTC/USD) is currently trading within a narrow range around the 29372.20 area, which has previously acted as an upside price objective. This range is influenced by historical buying and selling pressure in the areas of 24750, 26044.70, 29709, and 29534. Buying pressure has been seen around the 29213 area, indicating the tight range in recent times.

Here are the key points from the technical analysis:

– Buying pressure strengthened around the 28754 area, which was a previous downside price objective. This coincided with selling pressure in the areas of 29526 and 29344.
– Significant stops are located below the 27991.29 area, representing the 23.6% retracement of the broader upward movement.
– There are multiple levels of technical support and potential buying pressure within the appreciating range, including the 27466, 27166, 26428, 26272, and 25715 areas.
– Upside price objectives above the current market levels include the 30526, 30611, 30762, and 31145 areas.
– Further upside price objectives are linked to buying pressure levels at 32125 and 33569, with additional stops above at 32043, 34531, 34658, and 35912.
– Downside price objectives associated with recent selling pressure include the 28432, 28213, 28137, 27979, 27757, 27430, 27409, 27338, 27312, 27246, 26501, 26348, and 26199 levels.
– The 28095.44 area represents the 23.6% retracement of the historic downward movement from 69000 to 15460.

Traders are observing that the 50-bar moving average (MA) on the 4-hourly chart is indicating a bearish trend below the 200-bar MA and above the 100-bar MA. On the hourly chart, the 50-bar MA is bearishly below the 100-bar MA and above the 200-bar MA.

The price activity is currently closest to the 50-bar MA on the 4-hourly chart at 29315.07 and the 50-bar MA on the hourly chart at 29386.53.

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

On the 4-hourly chart, the SlowK indicator is bullish above SlowD, while the MACD is bearishly below the MACD Average. On the 60-minute chart, the SlowK indicator is bearishly below SlowD, and the MACD is also bearishly below the MACD Average.