BTC/USD Bounces Off 29985: Sally Ho’s Technical Analysis – 27 June 2023
Bitcoin (BTC/USD) continued to steadily soften early in the Asian session as the pair hovered around the 30266.94 area, a level that represents the 61.8% retracement of the recent appreciating range from 29539.57 to 31443.67. Buying pressure recently emerged around the 29975.80 area when BTC/USD tested the 78.6% retracement of the same appreciating range. The depreciation to this area accelerated after Stops were elected below the 30198.14 area, representing the 23.6% retracement of the appreciating range from 24750 to 31443.67. The recent rapid appreciation to the 31443.67 area was its strongest level in twelve months and represented a test of the 31488.23 area, an upside price objective associated with buying pressure that strengthened around the 26637.41 area. Stops were also recently elected above the 30127.80 area during the ongoing appreciation, an upside price objective associated with historical buying pressure that emerged around the 15460 and 19568.52 areas. Stops were also triggered above additional upside price objectives around the 29068, 29159, 29458, 30088, 30200, 30292, and 30477 levels.
Additional upside price objectives include the 31737, 32125, and 33569 areas. Stops are cited above additional upside price objectives around the 31674, 32043, 34531, and 34658 areas. Following recent upside price activity, areas of technical support and potential buying pressure include the 30192, 29863, 29423, 28886, 28179, 28096, and 27293 areas. Technicians are closely watching to see how much technical support develops around the 28095.44 area, representing the 23.6% retracement of the historical depreciating range from 69000 to 15460. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 28887.03 and the 100-bar MA (Hourly) at 30395.43.
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 Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above 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.