BTC/USD Bears Test 25128 Objective: Sally Ho’s Technical Analysis – 19 August 2023
Bitcoin (BTC/USD) is currently weak, with the pair at risk after dropping to its lowest point since mid-June. This decline has reached a major downside price objective around 25128.94, which is associated with increased selling pressure seen in July. There were also major stops triggered below the 27620.46 and 27991.29 areas, representing retracement levels and recent downward pressure. On the flip side, there are areas of potential support and buying pressure in the appreciating ranges from 15460 to 31862.21.
Here are the key points:
– BTC/USD has reached a major downside price objective around 25128.94.
– There were major stops triggered below the 27620.46 and 27991.29 areas.
– Areas of technical support and potential buying pressure include levels at 23661, 22793, and 21725.
– Technical resistance and potential selling pressure can be seen at levels like 26798, 27139, and 30443.
– Upside price objectives include levels at 30526, 30611, and 31145.
In terms of moving averages, the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). The same bearish indication is seen in the 50-bar MA (hourly) below the 100-bar MA (hourly) and the 200-bar MA (hourly). Price activity is currently closest to the 50-bar MA (4-hourly) at 28941.97 and the 50-bar MA (hourly) at 27930.41.
Technical support is expected around levels at 24440.41, 23270.10, and 22769.39, with stops expected below. On the other hand, technical resistance is expected around levels at 31986.16, 32989.19, and 34658.69, with stops expected above.
In summary, BTC/USD has reached a major downside price objective and faces potential selling pressure. There are also areas of support and buying pressure, but technical indicators suggest a bearish trend. Traders should monitor the key levels mentioned for potential price movements.
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