BTC/USD Orbiting 26121 Technicals: Sally Ho’s Technical Analysis – 21 August 2023
Bitcoin is currently trading around the 26121.32 area, which is the 50% retracement of its recent price range. The cryptocurrency recently reached its weakest point since mid-June at 25234.76. This decline tested a major downside price level at 25128.94, which was a result of selling pressure in July. During the decline, major stops were triggered below the 27620.46 area, which was also a downside price target. Other areas of support and potential buying pressure can be found at levels such as 23661, 22793, and 21725.
Here are the key points from the technical analysis:
– BTC/USD is currently trading around the 26121.32 area, which is the 50% retracement level.
– The recent decline tested a major downside price level at 25128.94.
– Major stops were triggered below the 27620.46 area.
– Areas of support and buying pressure can be found at levels such as 23661, 22793, and 21725.
– Areas of resistance and potential selling pressure can be found at levels such as 26798, 27139, and 30526.
In conclusion, Bitcoin is currently trading around the 26121.32 area and has recently experienced a decline. There are levels of support and resistance to watch out for, which could indicate potential buying or selling pressure. Traders should be aware of these levels and monitor the market closely.
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