BTCUSD

BTC/USD Tests Technical Resistance at 24806: Sally Ho's Technical Analysis 12 August 2022 BTC

BTC/USD Tests Technical Resistance at 24806:  Sally Ho's Technical Analysis 12 August 2022 BTC

Bitcoin (BTC/USD) tested an important technical level early in the Asian session as the pair traded as high as the 24929.99 area before orbiting the 24806.17 area, representing the 23.6% retracement of the depreciating range from 48240 to 17567.45.   Buying pressure recently emerged around the 22666.23 area, representing a test of the 50% retracement of the appreciating range from 20723.01 to 24674.01Bulls are looking for a sustained break above the 23522.69 area, a level that represents the 78.6% retracement of the depreciating range from 24287.13 to 20715Upside retracement levels in the depreciating range from 31549.21 to 17567.45 include the 26208, 28249, and 28557 areas. 

Additional upside price objectives and areas of potential selling pressures include the 25552, 26323, 26411, 26901, 27126, 27455, 28426, and 29669 areas.  Below recent price activity, possible technical support and areas of buying pressure include the 22582, 22141, 21596, 20446, 19852, and 19762 levels.  Additional significant technical areas on the downside include the 16990.14, 14500.15, and 10432.73 areas.  Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 23367.91 and the 50-bar MA (Hourly) at 23687.41.

Technical Support is expected around 16990.14/ 14500.15/ 10432.73 with Stops expected below.

Technical Resistance is expected around 25256.96/ 27455.20/ 32383.96 with Stops expected above.  

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.                                                                                                                                               

 

Disclaimer: This trading 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.

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