BTC/USD Bulls Eyeing 27436: Sally Ho’s Technical Analysis – 25 August 2023
Bitcoin (BTC/USD) is attempting to maintain a bid early in the Asian session. The recent upward pressure strengthened around the 25350 and 25796.47 levels and continued until the 26818.28 area. The pair is awaiting technical guidance.
Key Points:
– Upside price objectives include the 26944.02 and 27436.41 areas
– Stops were elected above the 28778.57 area during the ascent
– Areas of technical support and potential buying pressure include the 23661, 22793, and 21725 levels
– Areas of technical resistance and potential selling pressure include the 26798, 27139, 27728, 27766, 28316, 28548, 29154, 29330, and 30443 levels
– The recent fresh multi-month low around the 25234.76 area represented a test of a major downside price objective around the 25128.94 area
Technical Support is expected around 24440.41/ 23270.10/ 22769.39 with Stops expected below. Technical Resistance is expected around 31986.16/ 32989.19/ 34658.69 with Stops expected above.
The 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly). The 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and above the 100-bar MA (hourly).
Closing paragraph: The BTC/USD pair is currently eyeing the 27436.41 area as an upside price objective. However, there are areas of technical resistance and potential selling pressure that need to be overcome. Technical support and buying pressure levels provide some potential stability for the pair. Traders should closely monitor the moving averages for further market signals.
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