BTC/USD Stops Elected Above 29679: Sally Ho’s Technical Analysis – 11 August 2023
Bitcoin (BTC/USD) sought to retain recent gains early in the Asian session as the pair moderated after Stops were elected above the 29643.92 and 29679.49 areas, representing the 38.2% retracements of the depreciating ranges from 30128.88 to 29344.16 and 30222 to 29344.16. Stops were also recently elected above the 30183.73 area during the move, representing the 23.6% retracement of the wider 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 28432, 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 29774.77 and the 50-bar MA (Hourly) at 29655.37.
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 Bullishly above 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.