Bitcoin Resumes Risk-Off Posture: Sally Ho’s Technical Analysis – 29 August 2022
Bitcoin (BTC/USD) resumed its risk-off posture early in the Asian session as the pair weakened to the 19899 area following renewed selling pressure around the 20164.26 area. Traders are paying close attention to the 19619 and 19551 levels as BTC/USD encounters additional downside momentum below the psychologically-important 20000 figure, levels that are linked to buying pressure around the 18892 area from several weeks ago. 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 20234, 20290, 20394, 20495, 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 21084.53 and the 50-bar MA (Hourly) at 20228.82.
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 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.
Credit: Source link