BTC/USD 22793 Major Downside Target: Sally Ho’s Technical Analysis – 24 August 2023
Bitcoin (BTC/USD) continued to experience expanding volatility early in the Asian session as the pair hovered around the 26000 figure after trading as low as the 25350 area, representing a test of the 23.6% retracement of the recent appreciating range from 24750 to 25537.40. Upward pressure then lifted BTC/USD to the 26180.54 area, representing a test of the 23.6% retracement of the wider appreciating range from 24750 to 26589.41. The recent fresh multi-month low around the 25234.76 area represented a test of a major downside price objective around the 25128.94 area that is associated with selling pressure that increased around the 31862.21 and 30421.29 levels in July. Major Stops were elected below the 27620.46 area during the decline, another downside price objective linked to recent downward pressure around the 30222 and 29665.27 areas. Major Stops were also elected below the 2799
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