Bitcoin (BTC/USD) awaited fresh technical sentiment early in the Asian session as the pair continued to consolidate recent gains that strengthened around the 18892 area in July. Price activity has orbited the 23151 level for several trading sessions, an upside price objective related to buying pressure that intensified around the 20715 area. Some Stops were recently elected below the 22501.07 area during the pair’s move lower to its weakest showing in several trading sessions, representing the 50% retracement of the depreciating range from 24287.13 to 20715. BTC/USD has been on the defensive since the beginning of August following July’s 15.3% gain and a 66.7% pullback through the end of July. The recent move higher to the 24666 area was a test of the 24558.33 level, representing the 50% retracement of the depreciating range from 31549.21 to 17567.45.
Additional upside retracement levels in this depreciating range 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 22356.14 and the 100-bar MA (Hourly) at 23079.18.
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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below 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.
Source: https://cryptodaily.co.uk/2022/08/btc-usd-orbiting-23151-technical-level-sally-ho-technical-analysis-8-august-2022-btc-bitcoin