BTC/USD Awaiting Breakout Move: Sally Ho’s Technical Analysis – 7 August 2023
Bitcoin (BTC/USD) is currently experiencing a narrow trading range after a recent move to the 30033 area. Here are the key points you need to know:
– BTC/USD reached a high of 29108.47 before dropping to 29007.65, testing the recent upward range.
– Selling pressure was observed around 29046.95, near the 38.2% retracement level of the recent upward range.
– The 29164.09 level is an important one for BTC/USD, as it represents a previous downside price objective.
– Several downside price objectives are linked to recent selling pressure, including levels at 28432, 28213, 28137, 27979, 27757, 27430, 27409, 27338, 27312, 27246, 26501, 26348, and 26199.
– The 28095.44 level represents the 23.6% retracement of the historic downward range.
In terms of support and potential buying pressure:
– Levels to watch include 28306, 27466, 26428, and 26272.
– Upside price objectives are at 30526, 30611, 30762, and 31145.
– Other levels of buying pressure are at 32125 and 33569.
– Stops are cited above additional upside price objectives.
Technical indicators are showing:
– The 50-bar MA (4-hourly) is below the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly).
– The 50-bar MA (hourly) is below the 100-bar MA (hourly) and the 200-bar MA (hourly).
The current price activity is closest to the 50-bar MA (4-hourly) at 29209.03 and the 50-bar MA (hourly) at 29089.11. Here are the technical levels to watch:
– 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 above SlowD while MACD is below MACDAverage. On the 60-minute chart, SlowK is below SlowD while MACD is above MACDAverage.
Hot Take:
BTC/USD is currently stuck in a narrow range but is showing signs of downward pressure. Traders should closely monitor the support levels and potential buying pressure to determine the next move. It’s important to pay attention to the 50-bar MA and other technical indicators for further guidance.
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