BTC/USD Orbiting 25912 Retracement Level:  Sally Ho’s Technical Analysis – 20 August 2023

Bitcoin (BTC/USD) remained on the defensive early in the Asian session as the pair continued to orbit the 25912.09 area following widespread selling pressure, representing the 61.8% retracement of the recent appreciating range from 25234.76 to 27007.87.   Upward activity emerged around the 25610 area after additional selling pressure, right around the 78.6% retracement of the appreciating range.  BTC/USD recently came off to the 25234.76 area, its weakest print since mid-June.  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.   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.  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.   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. 

Following recent selling pressure, areas of technical resistance and potential selling pressure include the 26798, 27139, 27728, 27766, 28316, 28548, 29154, 29330, and 3

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Author: Sally Ho

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