BTC/USD Volatility Favoring Downside: Sally Ho’s Technical Analysis – 15 August 2023
Bitcoin (BTC/USD) faced increased downside risk during the Asian session, dropping to the 29072.96 area due to selling pressure around 29447.60. This was another failed test of the 76.4% retracement level. The pair also tested the 50% retracement level of the recent uptrend. However, buying pressure emerged around the 28754 area, which was a previous downside price objective. There are significant areas of technical support and potential buying pressure at various levels.
Key points:
– BTC/USD faced selling pressure around the 29447.60 area, failing to reach the 76.4% retracement level.
– The pair also tested the 50% retracement level of the recent uptrend.
– Buying pressure strengthened around the 28754 area, a previous downside price objective.
– Significant areas of technical support and potential buying pressure include the 27466, 27166, 26428, 26272, and 25715 levels.
– Upside price objectives include the 30526, 30611, 30762, and 31145 areas.
The 50-bar MA (4-hourly) is indicating a bearish trend below the 200-bar MA (4-hourly), while the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly). Price activity is nearest to the 50-bar MA (4-hourly) at 29347.27 and the 200-bar MA (hourly) at 29346.47. Technical support is expected at levels such as 24440.41, 23270.10, and 22769.39, with stops expected below. Technical resistance is expected at levels such as 31986.16, 32989.19, and 34658.69, with stops expected above.
Hot Take:
Bitcoin (BTC/USD) is currently facing downside pressure, with failed retracement tests and selling pressure. However, there are potential buying opportunities at various levels of support. Traders should closely monitor key resistance and support levels to make informed trading decisions.
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