BTC/USD Bears Target 27466 on Downside: Sally Hoโs Technical Analysis โ 18 August 2023
Bitcoin (BTC/USD) is experiencing a weak performance as selling pressure continues to affect its value. Here are the key points from Sally Ho’s technical analysis:
– BTC/USD encountered selling pressure around the 29665.27 area.
– Price objectives on the downside include the 30222 and 29665.27 areas.
– Stops were elected below the 28495.58 area, indicating further downside pressure.
– The 50% retracement of the recent range from 24750 to 31862.21 is at the 28316.37 area.
– Significant support and potential buying pressure can be found at the 27466, 27166, 26428, 26272, and 25715 areas.
– Above the market, upside price objectives include the 30526, 30611, 30762, and 31145 areas.
– Additional upside price objectives can be found at the 32125 and 33569 areas.
– Stops are cited above the 32043, 34531, 34658, and 35912 areas.
– Downside price objectives linked to recent selling pressure include multiple levels ranging from 28213 to 26199.
– The 28095.44 area represents the 23.6% retracement of the historic depreciating range from 69000 to 15460.
– 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).
Price activity is nearest the 100-bar MA (4-hourly) at 29249.21 and the 50-bar MA (Hourly) at 28998.47.
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 4-Hourly chart, SlowK is bearishly below SlowD while MACD is bearishly below MACDAverage.
On 60-minute chart, SlowK is bullishly above SlowD while MACD is bearishly below MACDAverage.
Hot Take:
Bitcoin is facing significant selling pressure, resulting in a weak performance. The downside targets indicate further potential depreciation, with the 27466 area being a significant level to watch. Traders should be cautious as the bearish indicators suggest a continuation of the downward trend. However, there are also areas of potential support and buying pressure that could lead to a reversal in price. Overall, it is crucial to closely monitor the market and adjust trading strategies accordingly.
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