BTC/USD Reclaiming Losses After 29525 Print: Sally Ho’s Technical Analysis – 20 July 2023
Bitcoin (BTC/USD) worked to reclaim recent losses early in the Asian session as the pair hovered around the 30000 figure after trading as high as the 30196.24 area. Significant Stops were elected below the 29592.63 area during the pair’s recent depreciation, a downside price objective that is related to recent selling pressure that strengthened around the 31862.21 and 31376.52 areas. After BTC/USD escalated appreciated to interday highs and came off, Stops were elected below the 29860.62 area, representing the 50% retracement of the recent appreciating range from 29525 to 30196.24. 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 50-bar MA (4-hourly) at 30420.27 and the 50-bar MA (Hourly) at 30001.33.
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 Bearishly below 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.