BTC/USD Bulls Seek to Hold 29427: Sally Ho’s Technical Analysis – 8 July 2023
Bitcoin (BTC/USD) remained impacted by bearish technical sentiment early in the Asian session as the pair came off to the 29715.97 area after trading as high as the 31525.10 area, a recent twelve-month high reached a few trading sessions ago. Traders then lifted BTC/USD to the 30363.57 area, a move that represented a test of the 38.2% retracement of the recent depreciating range from 31525.10 to 29715.97. Decent selling pressure recently intensified around the 31142.38 area and this elevates the risk of another test of the 29427 area, representing the 38.2% retracement of the broader appreciating range from 26165.98 to 31443.67. Below that area, the 28604.83 level represents the 50% retracement of that appreciating range. 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 selling pressure, areas of potential technical support and buying pressure include the 29427, 28886, 28804, 28182, 28096, and 27306 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 30243.31 and the 50-bar MA (Hourly) at 30393.63.
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.