Bitcoin (BTC/USD) Retains Recent Gains: Sally Ho’s Technical Analysis – 11 August 2023
Bitcoin (BTC/USD) is seeking to hold on to its recent gains as it moderates after Stops were elected above the 29643.92 and 29679.49 areas. These areas represent the 38.2% retracements of the recent depreciating ranges. Additionally, Stops were also recently elected above the 30183.73 area, which represents the 23.6% retracement of a wider appreciating range.
Here are the key points:
– Support and potential buying pressure can be found at the 27466, 27166, 26428, 26272, and 25715 levels.
– Upside price objectives include the 30526, 30611, 30762, and 31145 areas.
– Other levels of buying pressure are seen at the 32125 and 33569 areas, with Stops cited above additional upside price objectives.
– Downside price objectives linked to recent selling pressure include the 28432, 28213, 28137, 27979, 27757, 27430, 27409, 27338, 27312, 27246, 26501, 26348, and 26199 levels.
– Traders are observing the bearish indication of the 50-bar MA (4-hourly) below the 200-bar MA (4-hourly), as well as the bullish indication of the 50-bar MA (hourly) above the 100-bar MA (hourly) and the 200-bar MA (hourly).
The current price activity shows that Bitcoin is nearest to the 200-bar MA (4-hourly) and the 50-bar MA (hourly). Technical support is expected around certain levels, while technical resistance is expected at others.
In conclusion, Bitcoin is experiencing a moderate correction after recent gains. The market shows both bearish and bullish indicators, and it is important to closely monitor the support and resistance levels for potential price movements.
Hot Take:
Bitcoin’s recent performance has been strong, with the cryptocurrency retaining its gains. However, there are both bullish and bearish indicators in the market, making it important for traders to stay vigilant and closely track support and resistance levels. The next few days will be crucial in determining whether Bitcoin’s upward momentum can continue.
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