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 objectiv
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