BTC/USD Elevated Volatility Below 30000: Sally Ho’s Technical Analysis – 3 August 2023
Bitcoin (BTC/USD) experienced elevated volatility early in the Asian session. The pair was lifted from the 28552.42 level and reached 30033 before dropping below 29400. Stops were recently elected below the 29089.49 and 28775.19 levels, which were downside price objectives due to selling pressure around 29851.28. Additional stops were elected below the 28999, 28874, and 28672 levels during the selloff, which were also related to recent selling pressure. Further downside price objectives include the 28432, 27979, 27409, 27246, and 26501 levels.
Areas of technical support and potential buying pressure include the 28306, 27466, 26428, and 26272 levels. Traders are monitoring the recent depreciating range from 31862.21 to 28850, with upside retracement levels around 30356, 30711, 31151, and 31217. Above the market, upside price objectives include the 30526, 30611, 30762, and 31145 levels. Upside price objectives related to other levels of buying pressure are the 32125 and 33569 areas. Traders also note that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). The 50-bar MA (hourly) is also bearishly indicating below the 100-bar MA (hourly) and the 200-bar MA (hourly).
The price activity is nearest the 100-bar MA (4-hourly) at 29611.97 and the 100-bar MA (hourly) at 29286.97. 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 bearishly below SlowD while MACD is bearishly below MACDAverage.
Hot Take:
Bitcoin is currently experiencing elevated volatility, with the price moving up and down within a certain range. Traders are closely watching the levels of support and resistance, as well as the moving averages, to determine potential buying or selling opportunities. The recent selloff has triggered stops at various levels, indicating selling pressure. It remains to be seen whether the price will continue to decline or if it will bounce back from the support levels.
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