BTC/USD Large Stops Below 27991:  Sally Ho’s Technical Analysis – 9 August 2023

Bitcoin (BTC/USD) awaited fresh technical guidance early in the Asian session as the pair remained unable to sustain moves above the 29500 area and continues to battle with areas of technical resistance.   The inability to revisit last month’s multi-month high around the 31862 area has resulted in bearish momentum and has seen the pair orbit the 28960 area, representing the 23.6% retracement of the appreciating range from 19568.52 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.

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.   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

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Author: Sally Ho

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