Bitcoin Price Analysis: Sideways After 29228 - 16 August 2023

Bitcoin Price Analysis:  Sideways After 29228 - 16 August 2023

BTC/USD Sideways After 29228 Bids:  Sally Ho’s Technical Analysis – 16 August 2023

Bitcoin (BTC/USD)
was more volatile early in the Asian session as the pair continued to orbit the 29369.12 level, representing the 50% retracement of the recent appreciating range from 29072.96 to 29665.27.   After steadily climbing to the 29665 area and reversing lower, BTC/USD appreciated from the 29227.79 area, representing the 38.2% retracement of the appreciating range from 28850 to 29462.90.   Technical trading was recently evident when buying pressure strengthened around the 28754 area, a previous downside price objective associated with selling pressure around the 29526 and 29344 areas.  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 28432, 28213, 28137, 27979, 27757, 27430, 27409, 27338, 27312, 27246, 26501, 26348, and 26199 levelsAlso, 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 29298.07 and the 50-bar MA (Hourly) at 29368.57.

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 Bearishly below 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.

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