---
title: "Bitcoin Price Analysis: Drawn to 29164 Level"
url: https://diffcoin.com/bitcoin-price-analysis-drawn-to-29164-level/
description: "BTC/USD Orbiting 29164 Technicals: Sally Ho’s Technical Analysis – 6 August 2023 Bitcoin (BTC/USD) awaited a new directional bias early in the Asian…"
published: 2023-08-05
updated: 2023-08-05
author: "Mila"
site: "Diffcoin"
---

# Bitcoin Price Analysis: Drawn to 29164 Level

**BTC/USD Orbiting 29164 Technicals: Sally Ho’s Technical Analysis – 6 August 2023**

Bitcoin (BTC/USD) awaited a new **directional bias** early in the **Asian** session as the pair continued to trade **technically** following several sessions of relatively **sideways** trading. **Buying pressure** recently emerged around the **28477** area after a **downward** move that represented a **test** of a **downside price objective** related to **selling pressure** that strengthened around the **31862.21** and **30421.29** areas. The **29164.09** area continues to be a major **level** for **BTC/USD**, representing a previous **downside price objective** related to **selling pressure** that intensified around the **30350.70** area. Additional **downside price objectives** linked to recent **selling pressure** include the **28432**, **28213**, **28137**, **27979**, **27757**, **27430**, **27409**, **27338**, **27312**, **27246**, **26501**, **26348**, and **26199 levels**. **Also**, the **28095.44** area represents the **23.6% retracement** of the **historic depreciating range** from **69000** to **15460**.

Following recent **upside** activity, areas of **technical support** and potential **buying pressure** include the **28306**, **27466**, **26428**, and **26272 levels**. **Above** the market, **upside price objectives** include the **30526**, **30611**, **30762**, and **31145** areas. **Upside price objectives** related to other **levels** of **buying pressure** include the **32125** and **33569** areas, and **Stops** are cited **above** additional **upside price objectives** around the **32043**, **34531**, **34658**, and **35912** 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 **100-bar MA (hourly)** and **below** the **200-bar MA (hourly)**.

Price activity is nearest the **50-bar MA** (4-hourly) at **29255.07** and the **200-bar MA** (Hourly) at **29265.19**.

**Technical Support** is expected around **24440.41/ 23270.10/ 22769.39** with **Stops** expected below.

**Technical Resistance** is expected around **31986.16/ 32989.19/ 34658.69** 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.*

[Source link](https://www.cryptodaily.co.uk/2023/08/bitcoin-price-analysis-drawn-to-29164-level-6-august-2023)