Test

Bitcoin

BTC/USD Bears Test 25128 Objective:&nbsp; Sally Ho’s Technical Analysis – 19 August 2023 
Bitcoin (BTC/USD) remained very weak early in the Asian session as the pair remained at risk after depreciating to the 25234.76 area, its weakest print since mid-June.&nbsp; This fresh multi-month low represented a test of a major downside price objective around the 25128.94 area that is associated with selling pressure that increased around the 31862.21 and 30421.29 levels in July.&nbsp;&nbsp; Major Stops were elected below the 27620.46 area during the decline, another downside price objective linked to recent downward pressure around the 30222 and 29665.27 areas.&nbsp; Major Stops were also elected below the 27991.29 area, representing the 23.6% retracement of the broader appreciating range from 15460 to 31862.21.&nbsp;&nbsp; Areas of technical support and potential buying pressure in appreciating ranges from the 15460 and 19568.52 levels include the 23661, 22793, and 21725 levels.&nbsp; 
Following recent selling pressure, areas of technical resistance and potential selling pressure include the 26798, 27139, 27728, 27766, 28316, 28548, 29154, 29330, and 30443 levels.&nbsp; Above the market, upside price objectives include the 30526, 30611, 30762, and 31145 areas.&nbsp; 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.&nbsp;&nbsp; Traders are&nbsp;observing&nbsp;that the&nbsp;50-bar MA (4-hourly)&nbsp;is&nbsp;bearishly indicating below the 100-bar MA (4-hourly)&nbsp;and&nbsp;below the&nbsp;200-bar MA (4-hourly).&nbsp; 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&nbsp;50-bar MA&nbsp;(4-hourly) at 28941.97 and the&nbsp;50-bar MA&nbsp;(Hourly) at 27930.41. 
Technical Support&nbsp;is expected around&nbsp;24440.41/ 23270.10/ 22769.39 with&nbsp;Stops&nbsp;expected below. 
Technical Resistance&nbsp;is expected around&nbsp;31986.16/ 32989.19/ 34658.69 with&nbsp;Stops&nbsp;expected above.&nbsp;&nbsp; 
On&nbsp;4-Hourly&nbsp;chart,&nbsp;SlowK&nbsp;is Bearishly below SlowD&nbsp;while&nbsp;MACD&nbsp;is Bearishly below MACDAverage. 
On&nbsp;60-minute&nbsp;chart,&nbsp;SlowK&nbsp;is Bearishly below SlowD&nbsp;while&nbsp;MACD&nbsp;is&nbsp;Bullishly above MACDAverage.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 
&nbsp; 
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.

Bitcoin Price Analysis: Bears Attack 25128 - 19 August 2023

Crypto Daily™

Other articles published on Aug 18, 2023

INJ Price Set to Take Off and Leave Bitcoin in the Dust as Market Trades in Red

Ripple Vs SEC : Pro-XRP Lawyer Discusses Potential Outcome of SEC’s Appeal

SHIB Army Burns Close to 100 Million SHIB Despite Massive Price Crash

Why did Bitcoin drop? Analysts point to 5 potential reasons

What are Loans in the Digital World? | Crypto Lending Explained

Group Backed by Coinbase Loses Lawsuit Against US Treasury's Tornado Cash Sanction

Join our free newsletter for daily crypto updates!