BTC/USD Narrow Range After 29399: Sally Ho’s Technical Analysis – 5 August 2023
Bitcoin (BTC/USD) remained in a narrow range early in the Asian session as the pair continued to orbit the 29164 area, a downside price objective related to recent selling pressure around the 30350.70 and 29686.41 areas. Bears kept BTC/USD below the 29399.97 area during a move higher that represented a test of a previous downside price objective related to selling pressure around the 30421 and 29851 levels. Minor buying pressure emerged around the 29083.19 area, right around a previous upside price objective associated with buying pressure around the 28850 area. Additional downside price objectives linked to recent selling pressure include the 28432, 27979, 27409, 27246, and 26501 levels. Below the market, additional downside price objectives include the 28213, 28137, 27757, 27430, 27338, 27312, 26348, and 26199 levels. Also, the 28095.44 area represents the 23.6% retracement of the historic depreciating range from 69000 to 15460.
Following recent upside activity, areas of technical support and potential buying pressure include the 28306, 27466, 26428, and 26272 levels. Traders are monitoring the recent depreciating range from 31862.21 to 28850 with upside retracement levels around the 30356, 30711, 31151, and 31217 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. 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 29260.19 and the 50-bar MA (Hourly) at 29199.93.
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.
Source: https://cryptodaily.co.uk/2023/08/bitcoin-price-analysis-after-29399-sally-ho-technical-analysis-5-august-2023