Bitcoin Price Analysis: Collapse Below 21817

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BTC/USD Off Sharply and Absorbs 20760:  Sally Ho’s Technical Analysis – 27 August 2022

 

 

Bitcoin (BTC/USD) searched for a bottom early in the Asian session as the pair crashed to the 20623 level after trading as high as the 21878.05 area, with the intraday high representing a test of recent technical resistance around the 21866 area.  Selling pressure commenced around the 22974.10 area during the rapid descent, a level that represents the 78.6% retracement of the depreciating range from 22974.10 to 17567.45.  Traders continue to monitor upside price retracement levels in the depreciating range from 24448 to 20760, including the 22169, 22604, 23039, 23578, and 23659 areas.  Stops were recently elected below the 23185, 22296, and 21392 areas during the broader pullback, technically significant areas related to buying pressure that emerged around the 17567.45 area.

 Stops are likely in place below the 20443 area, levels that are linked to more recent buying pressure around the 18892 area.  Upside retracement levels in the depreciating range from 31549.21 to 17567.45 include the 26208, 28249, and 28557 areas.  Additional upside price objectives and areas of potential selling pressures include the 25552, 26323, 26411, 26901, 27126, 27455, 28426, and 29669 areas.  Additional significant technical areas on the downside include the 16990.14, 14500.15, and 10432.73 areas.  Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and above the 100-bar MA (hourly).

 

Price activity is nearest the 50-bar MA (4-hourly) at 21511.59 and the 100-bar MA (Hourly) at 21434.77.

Technical Support is expected around 16990.14/ 14500.15/ 10432.73 with Stops expected below.

Technical Resistance is expected around 25256.96/ 27455.20/ 32383.96 with Stops expected above.  

On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.                                                                                                                                               

 

Disclaimer: Sally Ho’s Technical Analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.


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