BTC/USD Orbiting 25912 Retracement Level: Sally Ho’s Technical Analysis – 20 August 2023
Bitcoin (BTC/USD) is currently hovering around the 25912.09 area, which represents a 61.8% retracement of its recent price increase. Here are the key points to note:
– Bitcoin experienced selling pressure, causing it to orbit the 25912.09 level.
– The 78.6% retracement level at 25610 provided some upward activity.
– BTC/USD dropped to 25234.76, its lowest point since mid-June.
– Selling pressure around 31862.21 and 30421.29 levels in July resulted in a major downside price objective at 25128.94.
– Major Stops were triggered below the 27620.46 area, which was also a downside price objective.
– Technical support and potential buying pressure can be found at the 23661, 22793, and 21725 levels.
Areas of technical resistance and potential selling pressure include:
– 26798, 27139, 27728, 27766, 28316, 28548, 29154, 29330, and 30443 levels.
– Upside price objectives at 30526, 30611, 30762, and 31145 areas.
– Other levels of buying pressure at 32125 and 33569 areas.
– Stops are cited above additional upside price objectives at 32043, 34531, 34658, and 35912 areas.
Traders are observing that the moving averages are bearishly indicating a downward trend. The 50-bar MA (4-hourly) is below the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). The same applies to the 50-bar MA (hourly) compared to the 100-bar MA (hourly) and the 200-bar MA (hourly).
Price activity is closest to the 50-bar MA (4-hourly) at 28512.23 and the 50-bar MA (hourly) at 26569.93.
Technical support is expected around 24440.41, 23270.10, and 22769.39, with stops expected below.
Technical resistance is expected around 31986.16, 32989.19, and 34658.69, with stops expected above.
On the 4-hourly chart, SlowK is bullishly above SlowD, while MACD is bearishly below MACDAverage.
On the 60-minute chart, SlowK is bullishly above SlowD, while MACD is bullishly above MACDAverage.
Hot Take:
Bitcoin is currently facing significant selling pressure, with the price orbiting the 25912 level. Technical indicators suggest a bearish trend, and potential support and resistance levels should be closely monitored. Traders should pay attention to the moving averages and key price objectives to make informed decisions.
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