BTC/USD Bears Target 27466 on Downside:  Sally Ho’s Technical Analysis – 18 August 2023

Bitcoin (BTC/USD) extended its recent weak performance early in the Asian session as the pair remained on the defensive after encountering additional selling pressure around the 29665.27 area.  Stops were elected below the 28921 and 28614 levels during the ongoing depreciation, downside price objectives associated with recent selling activity around the 30222 and 29665.27 areas.  Large Stops were also elected below the 28495.58 area during the tumble, a downside price objective linked to selling pressure around the 30421.29 area.  The downside price pressure temporarily slowed around the 28316.37 area, representing a test of the 50% retracement of the recent appreciating range from 24750 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

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Author: Sally Ho

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