BTC/USD Confounded Around 29529: Sally Ho’s Technical Analysis – 12 August 2023
Bitcoin is experiencing some challenges as it tries to add to recent gains. Here are the key points to note:
– The pair reached the 29534.14 area but faced technical resistance, specifically at the 23.6% retracement level.
– Buying pressure increased at the 29309 area after selling pressure appeared at the 29709 level.
– Technical trading was observed when buying pressure strengthened at the 28754 area, which was previously associated with selling pressure.
– There are large stops below the 27991.29 area, representing the 23.6% retracement of the broader appreciating range.
– Areas of support and potential buying pressure within the appreciating ranges include 27466, 27166, 26428, 26272, and 25715.
Upside price objectives and areas of buying pressure above the market include:
– 30526, 30611, 30762, and 31145.
– 32125 and 33569, with stops cited above additional upside price objectives.
Downside price objectives linked to recent selling pressure include:
– 28432, 28213, 28137, 27979, 27757, 27430, 27409, 27338, 27312, 27246, 26501, 26348, and 26199.
– The 28095.44 area represents the 23.6% retracement of the historic depreciating range.
Technical indicators to note:
– 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
– Price activity is closest to the 200-bar MA (4-hourly) at 29274.73 and the 100-bar MA (hourly) at 29461.23.
Your Hot Take: Bitcoin’s progress is hindered by technical resistance, but there are areas of support and potential buying pressure. Traders should closely monitor the price objectives and technical indicators to make informed decisions.
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