BTC/USD Profit-Taking After 31803: Sally Ho’s Technical Analysis – 15 July 2023
Bitcoin (BTC/USD) aimed to retain recent modest gains early in the Asian session as the pair encountered buying pressure around the 31083.40 level during a pullback, representing the 76.4% retracement of the depreciating range from 31525.10 to 29715.87. Trading activity continues to orbit the 31209.91 area, right around the 23.6% retracement of a recent appreciating range from 30189.56 to 31525.10. BTC/USD recently traded as high as the 31803.38 area before ceding some recent gains, its strongest print since June 2022. Upside price objectives include the 32125 and 33569 areas, and Stops are cited above additional upside price objectives around the 31674, 32043, 34531, and 34658 areas.
Following recent trading activity, areas of technical support and potential buying pressure include the 31355, 31042, 30789, 30535, 30222, 30175, 30138, 29108, 28275, 27443, 26413, and 26257 levels. Upside price objectives related to historical buying activity include the 32043, 34531, 34658, and 35912 levels. Below current price activity, the 28095.44 area represents the 23.6% retracement of the historical depreciating range from 69000 to 15460. Downside price objectives related to recent selling pressure include the 29849 and 29331 levels. 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 30552.59 and the 50-bar MA (Hourly) at 30829.37.
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 Bullishly above 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.