BTC/USD Sideways After 29228 Bids: Sally Ho’s Technical Analysis – 16 August 2023
Bitcoin (BTC/USD) experienced volatility during the Asian session, with the pair orbiting around the 29369.12 level. Here are the key points of Sally Ho’s technical analysis:
– BTC/USD climbed steadily to the 29665 area before reversing lower.
– The pair appreciated from the 29227.79 area, which represents a 38.2% retracement of the recent appreciating range.
– Buying pressure strengthened around the 28754 area, while selling pressure was observed around the 29526 and 29344 areas.
– Significant support levels and potential buying pressure points can be found at the 27466, 27166, 26428, 26272, and 25715 areas.
– Upside price objectives are at the 30526, 30611, 30762, and 31145 areas.
Traders should take note of the following technical indicators:
– The 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-bar MA (4-hourly).
– The 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
In summary, BTC/USD is currently in a sideways movement after receiving bids at 29228. The market is expected to find technical support around 24440.41/23270.10/22769.39, with resistance expected around 31986.16/32989.19/34658.69.
Hot Take
Bitcoin’s price is showing signs of volatility, with the potential for both upside and downside movements. Traders should closely monitor the support and resistance levels mentioned to make informed decisions.
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