BTC/USD Bulls Eyeing 27436: Sally Ho’s Technical Analysis – 25 August 2023
Bitcoin (BTC/USD) is showing signs of upward pressure, with key levels to watch. Here are the main points:
– Bitcoin attempted to maintain a bid early in the Asian session.
– Recent upward pressure strengthened around the 25350 and 25796.47 levels.
– Upside price objectives include the 26944.02 and 27436.41 areas.
– Recent selling pressure has created areas of technical resistance.
– Technical support and potential buying pressure levels are identified.
The recent fresh multi-month low around 25234.76 was a test of a major downside price objective. Here are the additional key points:
– Major Stops were elected below the 27991.29 and 27620.46 areas.
– Upside price objectives above the market are also identified.
– Traders are observing bearish indications in the moving averages.
Price activity is currently nearest the 50-bar MA (4-hourly) and the 50-bar MA (Hourly). Here are the technical levels to watch:
– Technical support is expected around 24440.41/23270.10/22769.39.
– Technical resistance is expected around 31986.16/32989.19/34658.69.
In conclusion, Bitcoin is showing potential for upward movement, but there are areas of resistance to watch. Technical support and resistance levels have been identified, and traders should pay attention to the moving averages. This analysis should be used for informational purposes only and does not constitute financial advice.
Hot Take:
Bitcoin’s recent upward pressure suggests a bullish outlook, with the potential for reaching the 27436.41 area. However, traders should be cautious of resistance levels and closely monitor the moving averages for further guidance.
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