Sally Ho’s Technical Analysis – 22 August 2023
Bitcoin (BTC/USD) experienced increased volatility and hovered around the 26034 level, which is the 38.2% retracement of its recent upward range. The pair pulled back, triggering stops below the 25872 area, but found support around 25814 before climbing back up to 26260.25. The recent low at 25234.76 tested a major downside price objective at 25128.94, which was associated with selling pressure that occurred in July. Stops were also triggered below the 27620.46 and 27991.29 areas, representing downside price objectives and retracement levels.
Key Points:
– BTC/USD encountered volatility and orbited around the 26034 area.
– Pullback triggered stops below 25872, but found support at 25814.
– Recent low tested a major downside price objective at 25128.94.
– Stops were triggered below the 27620.46 and 27991.29 areas.
– Technical support and resistance levels identified.
Areas of technical support and potential buying pressure include levels at 23661, 22793, and 21725, while areas of technical resistance and potential selling pressure include levels at 26798, 27139, 27728, 27766, 28316, 28548, 29154, 29330, and 30443. Upside price objectives are identified at 30526, 30611, 30762, and 31145. Additional price objectives related to buying pressure are at 32125 and 33569, with stops cited above levels at 32043, 34531, 34658, and 35912.
Traders observe 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).
Hot Take:
Bitcoin (BTC/USD) is experiencing volatility and encountering both support and resistance levels. Traders should pay attention to the identified technical levels for potential buying and selling pressure. The moving averages indicate a bearish trend in both the short-term and long-term. It is important to closely monitor the price action and consider the potential support and resistance levels in making trading decisions.
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