BTC/USD Bulls Eye 29458 Hurdle: Sally Ho’s Technical Analysis – 22 June 2023
Bitcoin (BTC/USD) advanced its recent appreciation early in the Asian session as the pair traded back above the 29000 figure for the first time since early May, reaching the 29226.26 area. Stops were elected above a series of upside price objectives related to buying pressure that first intensified around the 24750 area, including the 27419, 28119, 28243, 29068, and 29159 areas. Stops were also elected above price objectives associated with buying pressure that emerged around the 25143.24 area, including the 27718, 27810, 28325, 28634, and 29077 areas. Additional upside price objectives include the 29458, 30088, 30200, 30292, 30477, 31488, 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 28169, 27516, 26988, 26459, 25806, and 25707 areas. Upside retracement levels linked to selling pressure that intensified around the 31050 area include the 29563.20 and 29701.80 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 26693.17 and the 50-bar MA (Hourly) at 27466.97.
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 Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above 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.