BTC/USD Better After 29427 Test: Sally Ho’s Technical Analysis – 2 July 2023
Bitcoin (BTC/USD) is experiencing volatility as it tries to stay above the 30000 figure. After reaching a high of 30277, the pair quickly depreciated to the 29417.14 area, testing the 38.2% retracement level. This downward move may lead to a test of the 28604.83 area. BTC/USD has seen a 11.9% gain in June and is up 83.5% year-to-date. The recent high of 31443.67 was a test of an upside price objective and additional targets include 31737, 32125, and 33569. Stops are cited above 31674, 32043, 34531, and 34658.
Key Points:
– BTC/USD experienced volatility and tested the 38.2% retracement level.
– A possible test of the 28604.83 area may occur.
– BTC/USD has gained 11.9% in June and is up 83.5% year-to-date.
– Additional upside price objectives include 31737, 32125, and 33569.
– Stops are cited above 31674, 32043, 34531, and 34658.
Technical Support and Resistance:
– Potential technical support and buying pressure are found at various levels including 29863, 29427, and 28096.
– Stops were triggered above additional upside price objectives at 29068, 29159, and 30292.
– Traders are closely watching the 28095.44 area for developing technical support.
– The 50-bar MA (4-hourly) is indicating bullishness.
Hot Take:
Bitcoin’s recent volatility and test of the 38.2% retracement level indicate potential downward movement. However, the cryptocurrency has shown strong gains in June and over the year. Traders should closely monitor the technical support levels and the bullish indicators of the moving averages.
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