BTC/USD Bears Eye 29592 Pain: Sally Ho’s Technical Analysis – 19 July 2023
Bitcoin (BTC/USD) encountered additional downside pressure early in the Asian session as the pair continued to trade below the 30000 figure after selling pressure intensified around the 30297.51 level following a rebound from its weakest print in July. Traders pushed BTC/USD as low as the 29668.58 area after Stops were elected below the previous monthly low around the 29715 area. The brief rebound to the 30291 level represented a test of the 23.6% retracement of the recent narrow appreciating range from 29715.87 to 30456. Significant Stops are cited below the 29592.63 area that is related to recent selling pressure that strengthened around the 31862.21 and 31376.52 areas. Following recent trading activity, areas of technical support and potential buying pressure include the 29108, 28275, 27443, 26413, and 26257 levels.
Below current price activity, the 28095.44 area represents the 23.6% retracement of the historical depreciating range from 69000 to 15460. Upside price objectives 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 above 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 200-bar MA (4-hourly) at 29442.03 and the 50-bar MA (Hourly) at 30169.73.
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.