BTC/USD Stops Elected Below 23722: Sally Ho’s Technical Analysis – 16 August 2022
Bitcoin
Bitcoin (BTC/USD) traded sideways early in the Asian session as the pair oscillated around the 200-hour simple moving average after being capped around the 24287.13 area, a recent relative high. Some additional selling pressure emerged around the 24152.67 area, a level that represents the 23.6% retracement of the appreciating range from 20715 to 25214.57. Stops were elected below the 23722.44 area, a level that represents the 23.6% retracement of the appreciating range from 18892 to 25214.57. 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 24054.29 and the 200-bar MA (Hourly) at 24068.07.
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 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/2022/08/bitcoin-technical-analysis-btc-usd-elects-stops-below-23722