BTC/USD Bears Test 25128 Objective: Sally Ho’s Technical Analysis – 19 August 2023
Bitcoin (BTC/USD) remained very weak early in the Asian session as the pair remained at risk after depreciating to the 25234.76 area, its weakest print since mid-June. This fresh multi-month low 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 27991.29 area, representing the 23.6% retracement of the broader appreciating range from 15460 to 31862.21. Areas of technical support and potential buying pressure in appreciating ranges from the 15460 and 19568.52 levels include the 23661, 22793, and 21725 levels.
Following recent selling pressure, a
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