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BTC/USD Bounces from Multi-Week Low: Sally Ho's Technical Analysis 17 July 2021 BTC

BTC/USD Bounces from Multi-Week Low:  Sally Ho's Technical Analysis 17 July 2021 BTC

Bitcoin (BTC/USD) battled back early in the Asian session as the pair appreciated to the 31987.16 level after trading as low as the 31025.42 area, a fresh multi-week low.  Traders are observing some technical resistance around the 32150 area, representing the 50% retracement of a broad appreciating range from 28800 to 35500.   Traders also observe the intraday low also represented a test of the 78.6% retracement of the broader appreciating range from 21913.84 to 64899.   Traders are closely watching how BTC/USD trades around the 31755.32 area, representing the 23.6% retracement of the depreciating range from 41322.55 to 28800

Traders recently lifted BTC/USD to the 34670 area after Stops were elected above the 34484.12 area, representing the 61.8% retracement of the recent depreciating range from 35951 to 32111Buying pressure recently emerged around the 33027.83 area, representing a test of the 23.6% retracement of the same depreciating range.  Traders observe BTC/USD continues to be offered below the 38236.16 area, a level that represents the 23.6% retracement of the depreciating range from the lifetime high of 64899 to 30000.  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 32963.83 and the 50-bar MA (Hourly) at 32181.85.

Technical Support is expected around 28747.28/ 27706.27/ 27175.66 with Stops expected below.

Technical Resistance is expected around 46000/ 51569.56/ 64899 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.                                                                                                                                                   

 

Disclaimer: This trading 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.

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