BTC/USD Orbiting 26121 Technicals: Sally Ho’s Technical Analysis – 21 August 2023
Bitcoin (BTC/USD) is currently trading around the 26121.32 area, which is the 50% retracement of its recent appreciating range. The cryptocurrency recently reached its weakest point since mid-June, testing a major downside price objective. During this decline, major stops were elected below certain areas, indicating downward pressure. On the other hand, areas of technical support and potential buying pressure can be found at specific levels in appreciating ranges.
Key Points:
– BTC/USD is trading around the 26121.32 area, at the 50% retracement level.
– The cryptocurrency recently reached its weakest point since mid-June.
– Major stops were elected below certain areas during the decline, indicating downward pressure.
– Areas of technical support and potential buying pressure can be found at specific levels in appreciating ranges.
– There are also areas of technical resistance and potential selling pressure at specific levels.
The 50-bar MA (4-hourly) is indicating bearishly below the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). Similarly, the 50-bar MA (hourly) is also indicating bearishly below the 100-bar MA (hourly) and the 200-bar MA (hourly). The nearest price activity is around the 50-bar MA (4-hourly) at 28322.23 and the 50-bar MA (hourly) at 26130.51.
In terms of technical support and resistance, it is expected that support will be around 24440.41/ 23270.10/ 22769.39 with stops expected below. On the other hand, resistance is expected around 31986.16/ 32989.19/ 34658.69 with stops expected above.
In summary, BTC/USD is currently orbiting the 26121.32 area, indicating a possible continuation of the recent appreciating range. However, there are areas of potential resistance and selling pressure to watch out for. Technical indicators suggest a bearish trend in the short term, but the cryptocurrency market can be highly volatile and unpredictable.
Hot Take: BTC/USD’s recent decline and subsequent orbit around the 26121.32 area suggest a period of consolidation and may indicate a potential rebound in the future. However, it is important to closely monitor the technical support and resistance levels as they could significantly impact the price movement.
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