BTC/USD Bears Target 27466 on Downside: Sally Ho’s Technical Analysis – 18 August 2023
Bitcoin (BTC/USD) extended its recent weak performance early in the Asian session as the pair remained on the defensive after encountering additional selling pressure around the 29665.27 area. Stops were elected below the 28921 and 28614 levels during the ongoing depreciation, downside price objectives associated with recent selling activity around the 30222 and 29665.27 areas. Large Stops were also elected below the 28495.58 area during the tumble, a downside price objective linked to selling pressure around the 30421.29 area. The downside price pressure temporarily slowed around the 28316.37 area, representing a test of the 50% retracement of the recent appreciating range from 24750 to 31862.21. Large Stops are cited below the 27991.29 area, representing the 23.6% retracement of the broader appreciating range from 15460 to 31862.21. Additional areas of technical support and potential buying pressure in these appreciating ranges include the 27466, 27166, 26428, 26272, and 25715 areas.
Above the market, upside price objectives include the 30526, 30611, 30762, and 31145 areas. Upside price objectives related to other levels of buying pressure include the 32125 and 33569 areas, and Stops are cited above additional upside price objectives around the 32043, 34531, 34658, and 35912 areas. Additional downside price objectives linked to recent selling pressure include the 28213, 28137, 27979, 27757, 27430, 27409, 27338, 27312, 27246, 26501, 26348, and 26199 levels. Also, the 28095.44 area represents the 23.6% retracement of the historic depreciating range from 69000 to 15460. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 29249.21 and the 50-bar MA (Hourly) at 28998.47.
Technical Support is expected around 24440.41/ 23270.10/ 22769.39 with Stops expected below.
Technical Resistance is expected around 31986.16/ 32989.19/ 34658.69 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
Disclaimer: Sally Ho’s Technical Analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
Credit: Source link
