Bitcoin (BTC/USD) Bears Eyeing 28306 Downside Risk: Sally Ho’s Technical Analysis – 17 August 2023
Bitcoin (BTC/USD) is experiencing increased bearish momentum, with the pair establishing lower highs, indicating a potential test of the 28306.11 area. Selling pressure has intensified around the 30222 area, and further downside pressure is seen near the 29709 area. Key support levels include 27991.29, 27466, 27166, 26428, 26272, and 25715.
Main Breakdowns:
– Bearish momentum in BTC/USD continues, with lower highs signaling a potential test of the 28306.11 area.
– Selling pressure has intensified around the 30222 area, with additional downside pressure near the 29709 area.
– Important support levels are identified at 27991.29, 27466, 27166, 26428, 26272, and 25715.
– Upside price objectives above the market include 30526, 30611, 30762, and 31145.
– Downside price objectives linked to recent selling pressure include 28432, 28213, 28137, 27979, 27757, 27430, 27409, 27338, 27312, 27246, 26501, 26348, and 26199.
Hot Take:
Bitcoin’s price appears to be facing downside pressure, with bears eyeing the 28306.11 level. However, there are key support levels that could potentially provide buying opportunities. It is important for traders to closely monitor the market and pay attention to the identified support and resistance levels for potential trading decisions.
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