BTC/USD Technical Analysis

Bitcoin (BTC/USD) Technical Analysis – 9 August 2023

Bitcoin (BTC/USD) is facing resistance and struggling to sustain moves above the 29500 area, resulting in bearish momentum. Here are the key points:

The pair is currently orbiting the 28960 area, representing a 23.6% retracement of the range from 19568.52 to 31862.21.
Large stops are located below the 27991.29 area, which is a 23.6% retracement of the broader range from 15460 to 31862.21.
Potential areas of support and buying pressure within the appreciating ranges include 27466, 27166, 26428, 26272, and 25715.
Downside price objectives linked to recent selling pressure include levels such as 28432, 28213, 28137, 27979, 27757, and more.
Above the market, upside price objectives include areas like 30526, 30611, 30762, and 31145, as well as 32125 and 33569.

Traders have noticed that the moving averages (MA) are indicating bearish signals, with the 50-bar MA (4-hourly) below the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). The same bearish indication is observed in the hourly chart.

Price activity is closest to the 50-bar MA (4-hourly) at 29176.03 and the 50-bar MA (hourly) at 29041.31. 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.

In summary, Bitcoin is facing resistance, and there is bearish momentum as it struggles to sustain moves above the 29500 area. Support levels and buying pressure exist within the appreciating ranges, while downside price objectives are linked to recent selling pressure. Traders are closely monitoring the moving averages for further guidance.

Hot Take: Bitcoin’s inability to break resistance and sustain upward movement is a cause for concern. The bearish momentum and the presence of large stops below key levels indicate that further downside movement is possible. Traders should carefully watch the moving averages for potential trend reversals or further bearish signals.