BTC/USD Extends Pullback from 12000 as Stops Hit: Sally Ho’s Technical Analysis 22 August 2020 BTC

Bitcoin (BTC/USD) continued to back away from the 12000 figure early in today’s Asian session as short-term technical sentiment continued to erode following the pair’s pause around the 11892.16 area earlier this week.  During the current downturn, Stops were elected below the 11768.71, 11730.58, and 11692.45 areas, representing the 38.2%, 50%, and 61.8% retracements of the recent appreciation from 11569 to 11882.16, and traders are eyeing the 11645.27 and 11638.16 areas as additional downside price retracement levels.  One range that has recently influenced recent price activity is the recent appreciation from 11546.15 to 12086.22, and traders are observing that buying activity emerged during a recent pullback just below the 11497.71 area, representing the 38.2% retracement of the appreciating range.  The pair recently traded as high as the 12486.61 area, its strongest print since July 2019.  After the depreciation of BTC/USD earlier this week from 12486.61 to 11825.00, traders were unable to gain a foothold above the 12077.74 area during a retracement higher, representing the 38.2% retracement of the depreciating range.  Traders are paying close attention to some levels where Stops were recently triggered during the move higher, including the 11992.15, 12086.22, 12112.97, 12173.80, and 12348.26 areas.  Traders note that the recent high of 12486.61 represented a test of the 12496.68 area, an upside price objective related to buying pressure that emerged around the 8055.91 area earlier this year. 

Additional retracement levels in this appreciating range include the 11316.19, 11134.46, and 10909.61 areas.  Traders also remain focused on the 12023.45, 11964.56, 11880.38, 11803.31, 11737.30, 11642.95, 11560.28, and 11533.51 areas during pullbacks lower, representing the retracements of the recent appreciating ranges that commenced around the 9005.00, 8905.84, 8815.01, and 8632.93 areas.  A key level where buying pressure recently emerged is around the the 11529.38 level, a test of the 11510.44 area that represents the 50% retracement of a historical depreciation from 19891.99 to 3128.89.  Additional upside price objectives include the 12713.18, 12859.49, and 13107.05 levels, targets related to areas of buying pressure that emerged earlier this year around the 3858.00 area and above.   Stops were recently elected above the 11026.97, 11115.62, 11340.92, 11399.17, 11407.81, 11570.81, and 11761.97 levels.  Below those areas, some potential areas of technical support include the 10200.39, 10139.11, and 10082.97 areas.  Chartists are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 200-bar MA (4-hourly) and above the 100-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).

Price activity is nearest the 100-bar MA (4-hourly) at 11763.87 and the 50-bar MA (Hourly) at 11791.81.

Technical Support is expected around 11497.91/ 11348.03/ 11120.00 with Stops expected below.

Technical Resistance is expected around 12496.68/ 12713.18/ 13202.63 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.

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