BTC/USD Technical Analysis

Bitcoin (BTC/USD) Back to 26034 Level: Sally Ho’s Technical Analysis – 22 August 2023

In Sally Ho’s technical analysis, Bitcoin (BTC/USD) has experienced moderate volatility and is currently hovering around the 26034 level, which is the 38.2% retracement of the recent price range. The pair encountered stops below the 25872 level and bottomed out around 25814 before climbing back up to 26260.25. A recent low around 25234.76 tested a major downside price objective at 25128.94, indicating increased selling pressure. Major stops were also elected below the 27620.46 and 27991.29 levels.

Key Points:

Bitcoin encountered stops below the 25872 level and bottomed out around 25814 before climbing back up.
A recent low around 25234.76 tested a major downside price objective at 25128.94.
Major stops were elected below the 27620.46 and 27991.29 levels.
Technical support levels include 23661, 22793, and 21725.
Technical resistance levels include 26798, 27139, 27728, 27766, 28316, 28548, 29154, 29330, and 30443.

Traders have observed that the 50-bar MA (4-hourly) and the 50-bar MA (hourly) are both indicating bearishly below their respective 100-bar and 200-bar MAs. Price activity is closest to the 50-bar MA (4-hourly) at 27525.77 and the 50-bar MA (hourly) at 26083.17. Technical support is expected around 24440.41, 23270.10, and 22769.39, while technical resistance is expected around 31986.16, 32989.19, and 34658.69.

Hot Take:

Bitcoin’s recent volatility and retracement indicate a potential test of major downside price objectives. Traders should monitor the support and resistance levels mentioned to gauge potential buying and selling pressure. The bearish indication of moving averages suggests a cautious approach, but market conditions can change quickly.