BTC/USD Tests 23151 Technical Support: Sally Ho’s Technical Analysis – 18 August 2022
Bitcoin
Bitcoin (BTC/USD) notched relatively slight gains early in the Asian session as the pair traded as high as the 23600 level after trading as low as the 23180.14 area during yesterday’s North American session. Price activity continues to orbit the 23409.85 area, representing the 23.6% retracement of the appreciating range from 17567.45 to 25214.57. Additional downside price objectives in this appreciating range include the 22293, 21391, 20488, 19372, and 19203 levels. Stops are likely in place below the 23151 area. 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 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 100-bar MA (4-hourly) at 23628.98 and the 50-bar MA (Hourly) at 23669.64.
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 Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below 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-technical-analysis-btc-tests-23151-technical-support