Bitcoin Price Analysis: BTC/USD Congestion Below 26944 – 26 August 2023
Bitcoin (BTC/USD) is attempting to regain some of its recovered ground as it encounters buying pressure around the 25350 area. After tumbling from the 26567 area, upward pressure emerges around the 25850 level. Stops were elected above the 28778.57 area, representing the 50% retracement of the depreciating range. Technical support and potential buying pressure can be found at the 23661, 22793, and 21725 levels. Areas of technical resistance and potential selling pressure include the 27139, 27728, 27766, 28316, 28548, 29154, 29330, and 30443 levels.
The recent low around the 25234.76 area represents a test of a major downside price objective around the 25128.94 area. Upside price objectives include the 30526, 30611, 30762, and 31145 areas. Traders observe that 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).
Price activity is nearest the 50-bar MA (4-hourly) at 26397.73 and the 100-bar MA (Hourly) at 26117.97. 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.
On the 4-Hourly chart, SlowK is bearishly below SlowD while MACD is bullishly above MACDAverage. On the 60-minute chart, SlowK is bullishly above SlowD while MACD is bullishly above MACDAverage.
Sally Ho’s Technical Analysis
Sally Ho’s Technical Analysis is provided by a third party and is for informational purposes only. It does not reflect the views of Crypto Daily and should not be used as legal, tax, investment, or financial advice.
Hot Take
BTC/USD is facing congestion below the 26944 level as it encounters buying pressure around the 25350 area. The recent low around 25234.76 represents a major downside price objective. Traders should pay attention to the technical support and resistance levels mentioned as they can influence future price movements. However, it’s important to note that Sally Ho’s Technical Analysis is provided by a third party and should be used for informational purposes only.
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