BTC/USD Stops Cited Above 30994: Sally Ho’s Technical Analysis – 30 June 2023
Bitcoin (BTC/USD) is showing signs of extending recent gains. The pair has rallied from the 29885.53 area to reach 30753.74, with steady upside activity around the 30127.80 area. The 50-bar, 4-hourly simple moving average has been providing technical support for BTC/USD. The recent print around 31443.67 was a twelve-month high and a test of an upside price objective. Additional upside price objectives include the 31737, 32125, and 33569 areas. Stops are cited above these levels.
- Bitcoin is seeking to extend recent gains
- The 50-bar, 4-hourly simple moving average is providing technical support
- Recent high at 31443.67 tested an upside price objective
- Additional upside price objectives at 31737, 32125, and 33569
- Stops cited above additional upside price objectives
Areas of potential technical support and buying pressure include the 29863, 29427, 28886, 28804, 28182, 28096, and 27306 areas. Stops were recently triggered above additional upside price objectives. Technicians are closely watching the 28095.44 area for potential technical support. The 50-bar MA (4-hourly) is indicating bullishness, while the 50-bar MA (hourly) is indicating bearishness.
- Areas of potential support and buying pressure identified
- Stops triggered above additional upside price objectives
- Watch for technical support around the 28095.44 area
- Bullish indication from 50-bar MA (4-hourly), bearish indication from 50-bar MA (hourly)
Price activity is nearest the 50-bar MA (4-hourly) at 30245.77 and the 100-bar MA (hourly) at 30400.39. Technical support is expected around 24440.41, 23270.10, and 22769.39, with stops expected below. Technical resistance is expected around 31986.16, 32989.19, and 34658.69, with stops expected above. On the 4-hourly chart, SlowK is bullish and MACD is bearish. On the 60-minute chart, SlowK is bearish and MACD is bullish.
- Price activity near 50-bar MA (4-hourly) and 100-bar MA (hourly)
- Expected technical support and resistance levels identified
- Bullish indication from SlowK on 4-hourly chart, bearish indication from MACD
- Bearish indication from SlowK on 60-minute chart, bullish indication from MACD
Hot Take
Bitcoin is showing strength and potential for further gains. The recent rally and test of upside price objectives indicate bullish momentum. However, there may be some resistance ahead, and it’s important to watch for technical support levels. The moving averages are providing valuable signals for traders. Overall, the outlook for BTC/USD remains positive, but caution is advised as the market continues to evolve.
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