Textbook BTC/USD Technical Trading Leads to July High: Sally Ho's Technical Analysis 24 July 2020 BTC

Bitcoin (BTC/USD) evidenced some improved sentiment early in today’s Asian session as the pair attempted to sustain recent gains above the psychologically-important 9500 level.  Stong upward momentum lifted the pair to the 9567.77 area during yesterday’s Asian session, its strongest print since late June.  Stops were elected above the 9449.35 area during the ascent, representing the 38.2% retracement of the recent appreciating range from 8095.01 to 9792.00.   Notably, decent buying power emerged around this level during yesterday’s North American session, and initially pushed BTC/USD to the 9592.71 area, just above the 9582.92 area that represents the 78.6% retracement of the depreciating range from 9792.00 to 8815.01.  Extended upward momentum saw price activity escalate higher to the 9686.00 area.  Following the pair’s recent climb, traders are paying close attention to some technical retracement areas including the 9454.01, 9368.20, 9298.86, 9229.51, and 9143.70 levels..  Traders are closely monitoring recent depreciating ranges including the move from 9792.00 to 8815.01, the move from 10018.67 to 8815.01, and the depreciation from 10428.00 to 8815.01.  Important technical levels related to these depreciating ranges include the 9416.84, 9418.79, 9561.43, 9558.87, 9582.92, 9621.51, 9734.61, 9761.09, 9811.84, 10047.33, and 10082.82 areas.  A recent appreciating range that traders are monitoring is the move from 8632.93 to 10428.00, with the 9530.47 and 9742.28 areas representing the 50% and 38.2% retracements of this appreciation.  

Below current price activity, Stops have been absorbed below the 8877.48 area, a level that represents the 23.6% retracement of the recent appreciation from 3858 to 10428.  Additional downside areas of potential technical support include the 8993.44, 8695.01, 8680.35, 8654.53, and 8603.46 levels. Traders are also paying attention to multiple trading ranges including the recent appreciation from 8106.70 to 9957.25, the appreciation from 6456.00 to 10079.00, the appreciation from 5678.20 to 10079.00, the broader appreciation from 3858.00 to 10079.00, and the appreciation from 8632.93 to 10428.00.   Important technical levels related to these ranges include 9530.47, 9318.65, 9040.41, 9025.32, 8808.52, 8695.01, 8610.84, 8540.29, 8398.89, 8267.50, 7878.60, 7839.99, 7702.58, 7359.31, and others.  Chartists are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and below the 100-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bullishly indicating above the 200-bar MA (hourly) and above the 100-bar MA (hourly).

Price activity is nearest the 100-bar MA (4-hourly) at 9247.28 and the 50-bar MA (Hourly) at 9411.66.

Technical Support is expected around 9368.20/ 9143.70/ 8540.29 with Stops expected below.

Technical Resistance is expected around 9592.71/ 10066.21/ 10428.00 with Stops expected above.  

On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.