Bitcoin Price Analysis: Awaiting Breakout

BTC/USD Awaiting Breakout Move:  Sally Ho’s Technical Analysis – 7 August 2023

Bitcoin (BTC/USD) awaited fresh technical guidance early in the Asian session as the pair remained confined to a narrow range following a move to the 30033 area earlier this month.   Traders lifted BTC/USD to the 29108.47 area before depreciating to the 29007.65 level, a downward move that represented a test of the recent appreciating range from 28946.17 to 29108.47.   Selling pressure then emerged around the 29046.95 area, right around the 38.2% retracement of the appreciating range.  The 29164.09 area continues to be a major level for BTC/USD, representing a previous downside price objective related to selling pressure that intensified around the 30350.70 area.  Additional downside price objectives linked to recent selling pressure include the 28432, 28213, 28137, 27979, 27757, 27430, 27409, 27338, 27312, 27246, 26501, 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.  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 29209.03 and the 50-bar MA (Hourly) at 29089.11.

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 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.