BTC/USD Gains Ground Above 19632: Sally Ho’s Technical Analysis – 30 August 2022
Bitcoin (BTC/USD) reversed course and notched some gains early in the Asian session as the pair traded as high as the 20390.54 level after trading as low as the 19513.74 area, with the interday low representing a test of the 23.6% retracement of the depreciating range from 21866 to 18603. The move to the interday high was a test of the 20384.14 level, representing a test of the 76.4% retracement of the appreciating range from 18892 to 25214.57. 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 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 20923.74 and the 100-bar MA (Hourly) at 20469.53.
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: 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/2022/08/bitcoin-price-analysis-gains-above-19632-30-august-2022