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

Go to Source to See Full Article
Author: Sally Ho

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details