BTC/USD Confounded Around 29529:  Sally Ho’s Technical Analysis – 12 August 2023

Bitcoin (BTC/USD) looked to add to recent gains early in the Asian session as the pair ascended to the 29534.14 area before encountering technical resistance, around a level that represents the 23.6% retracement of the depreciating range from 30128.88 to 29344.16.   Buying pressure intensified around the 29309 area after selling pressure emerged around the 29709 level.  Technical trading was recently evident when buying pressure strengthened around the 28754 area, a previous downside price objective associated with selling pressure around the 29526 and 29344 areas.  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

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Author: Sally Ho

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