BTC/USD 22793 Major Downside Target: Sally Hoโs Technical Analysis โ 24 August 2023
Bitcoin (BTC/USD) is experiencing expanding volatility in the Asian session. Here are the key points:
– BTC/USD is hovering around the 26000 figure after trading as low as the 25350 area.
– The recent fresh multi-month low around 25234.76 represents a test of a major downside price objective around the 25128.94 area.
– Major Stops were elected below the 27620.46 area during the decline.
– Areas of technical support and potential buying pressure include the 23661, 22793, and 21725 levels.
– Areas of technical resistance and potential selling pressure include the 26798, 27139, 27728, 27766, 28316, 28548, 29154, 29330, and 30443 levels.
Traders are observing 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). Price activity is nearest the 50-bar MA (4-hourly) at 27110.97. 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.
Hot Take
Bitcoin’s volatility continues to increase, with the price testing major downside targets. Traders should closely monitor the support and resistance levels mentioned to make informed decisions. The bearish indications of the moving averages suggest caution in the market.
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