BTC/USD Orbiting 29089 Level: Sally Ho’s Technical Analysis – 8 August 2023
Bitcoin (BTC/USD) is currently trading sideways and testing the 29164.09 area several times. This area represents a previous downside price objective due to increased selling pressure around the 30350.70 area. The bears are pushing BTC/USD closer to the 28850 area, which is the July monthly low, with the August monthly low of 28477 area in sight. There are several additional downside price objectives linked to recent selling pressure.
Key Points:
– Bears are pushing BTC/USD towards the 28850 area, near the July monthly low.
– Additional downside price objectives include levels like 28432, 28213, 28137, 27979, and more.
– The 28095.44 area represents the 23.6% retracement of the historic depreciating range from 69000 to 15460.
– Areas of technical support and potential buying pressure are at levels like 28306, 27466, 26428, and 26272.
– Upside price objectives include areas like 30526, 30611, 30762, and 31145.
Traders have observed that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). The 50-bar MA (hourly) is also bearishly indicating below the 100-bar MA (hourly) and the 200-bar MA (hourly).
Price activity is closest to the 50-bar MA (4-hourly) at 29176.47 and the 50-bar MA (hourly) at 29043.23. Technical support is expected around levels like 24440.41, 23270.10, and 22769.39, with stops expected below. Technical resistance is expected around levels like 31986.16, 32989.19, and 34658.69, with stops expected above.
On the 4-hourly chart, SlowK is bullishly above SlowD, while MACD is bullishly above MACDAverage. On the 60-minute chart, SlowK is bullishly above SlowD, while MACD is bearishly below MACDAverage.
Hot Take:
Bitcoin is currently facing selling pressure and is close to reaching the July monthly low. Traders should pay attention to the various downside price objectives and levels of technical support. Upside price objectives and areas of potential buying pressure should also be considered. The moving averages suggest a bearish trend, but it’s important to monitor indicators like SlowK and MACD for potential shifts in market sentiment.
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