BTC/USD Remains on the Defensive: Sally Ho’s Technical Analysis – 2 September 2022
Bitcoin (BTC/USD) encountered additional weakness early in the Asian session as the pair came off to the 19800 level after renewed selling pressure emerged around the 20489 area, opening up possible tests of demand below the 19500 area. A series of lower highs and a weakening technical environment suggest BTC/USD may experience additional short-term weakness following its 18% decline in August and ongoing 81% year-to-date pullback in 2022. Traders were unable to get BTC/USD to sustain a short-lived break above the 24558.33 level during the month of August, an area that represents the 50% of the depreciating range from 31549.21 to 17567.45. Following the recent selling pressure, additional significant technical areas on the downside include the 16990.14, 14500.15, and 10432.73 areas.
Following stronger episodes of downside pressure, areas of technical resistance and potential selling pressure include the 20619, 20782, 20839, 20887, 21077, 21095, 21387, and 21575 areas. Above recent price activity, upside 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 pressure include the 25552, 26323, 26411, 26901, 27126, 27455, 28426, and 29669 areas. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 20516.03 and the 100-bar MA (Hourly) at 20071.11.
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 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.
Source: https://cryptodaily.co.uk/2022/09/bitcoin-price-analysis-bears-eyeing-more-pain-2-september-2022