BTC/USD Orbiting 29403: Sally Ho’s Technical Analysis – 14 August 2023
Bitcoin (BTC/USD) is currently orbiting the 29403.79 area, indicating a downside price objective due to recent selling pressure at the 30421 and 29851 levels. Here are the key points to note:
– Selling pressure has strengthened around the 29709 and 29534 areas, while buying pressure has emerged around the 29213 area, indicating a tight range.
– Technical trading was observed when buying pressure increased around the 28754 area, which was a previous downside price objective associated with selling pressure.
– Large stops are located below the 27991.29 area, representing a 23.6% retracement of the broader appreciating range.
– Upside price objectives above the market include the 30526, 30611, 30762, and 31145 areas.
– Downside price objectives linked to recent selling pressure include the 28432, 28213, 28137, and 27979 levels.
Traders are monitoring the moving averages, with the 50-bar MA (4-hourly) indicating below the 200-bar MA (4-hourly) and above the 100-bar MA (4-hourly). The 50-bar MA (hourly) is also indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).
In terms of technical levels, the price activity is closest to the 50-bar MA (4-hourly) at 29302.77 and the 50-bar MA (hourly) at 29398.79. Here are the additional technical support and resistance levels:
– Technical support: 24440.41, 23270.10, 22769.39
– Technical resistance: 31986.16, 32989.19, 34658.69
On the 4-hourly chart, SlowK is bullishly above SlowD, while MACD is bearishly below MACDAverage. On the 60-minute chart, SlowK is bearishly below SlowD, while MACD is bullishly above MACDAverage.
Overall, BTC/USD is currently stuck in a tight range with significant selling and buying pressure at various levels. Traders should closely monitor the key support and resistance levels mentioned above to make informed trading decisions.
Hot Take
BTC/USD continues to face selling pressure around key levels, indicating a downside bias. However, buying pressure at certain price points suggests potential for an upside move. Traders should exercise caution and closely monitor the moving averages and support/resistance levels for potential trading opportunities.
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