BTC/USD Bears Eye Stops Below 30635: Sally Ho’s Technical Analysis – 6 July 2023
Bitcoin (BTC/USD) continued to orbit the 31000 figure early in the Asian session as the pair remained within striking distance of testing the recent twelve-month high around the 31443.67 area, just below an upside price objective associated with buying pressure that strengthened around the 26637.41 area. Decent selling pressure 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 29863, 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 30576.33 and the 100-bar MA (Hourly) at 30698.91.
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.