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.
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