BTC/USD Bears Eyeing 28306 Downside Risk:  Sally Ho’s Technical Analysis – 17 August 2023

Bitcoin (BTC/USD) encountered additional bearish momentum early in the Asian session as the pair continued to establish lower highs, increasing the risk that bears will test the 28306.11 area.  Selling pressure recently intensified around the 30222 area, right around the 23.6% retracement of the appreciating range from 24750 to 31862.21.  Additional downside pressure ramped up near the 29709 area, representing a test of the 38.2% retracement of the appreciating range from 26165.98 to 31862.21.  Large Stops are cited below the 27991.29 area, representing the 23.6% retracement of the broader appreciating range from 15460 to 31862.21.   Additional areas of technical support and potential buying pressure in these appreciating ranges include the 27466, 27166, 26428, 26272, and 25715 areas.

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.   Additional downside price objectives linked to recent selling pressure include the 28432, 28213, 28137, 27979, 27757, 27430, 27409, 27338, 27312

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Author: Sally Ho

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