BTC/USD Bears Eye Stops Below 30635: Sally Ho’s Technical Analysis – 6 July 2023
Bitcoin (BTC/USD) continues to hover around the 31000 mark, staying close to its recent twelve-month high of 31443.67. Buying pressure has strengthened around the 26637.41 area, but there is also decent selling pressure at 31142.38. This increases the risk of a test of the 29427 area, which represents a 38.2% retracement. Below that, the 28604.83 level is a 50% retracement. Upside price objectives include the 31737, 32125, and 33569 areas, with stops located at 31674, 32043, 34531, and 34658.
If selling pressure continues, potential areas of technical support and buying pressure are at 29863, 29427, 28886, 28804, 28182, 28096, and 27306. Technicians are closely watching the 28095.44 area, which is a 23.6% retracement of the historical depreciating range. The 50-bar MA (4-hourly) is currently above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). The 50-bar MA (hourly) is also above the 100-bar MA (hourly) and the 200-bar MA (hourly).
The price activity is closest to 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, 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 bearishly below SlowD, while MACD is bearishly below MACDAverage. On the 60-minute chart, SlowK is bearishly below SlowD, and MACD is bearishly below MACDAverage.
Key Points:
– Bitcoin continues to hover around 31000, close to its recent twelve-month high.
– Buying pressure has strengthened, but decent selling pressure elevates the risk of a test of the 29427 area.
– Upside price objectives include the 31737, 32125, and 33569 areas.
– Areas of potential technical support and buying pressure include 29863, 29427, 28886, 28804, 28182, 28096, and 27306.
– Technicians are closely watching the 28095.44 area for technical support.
Hot Take:
Bitcoin’s price remains volatile as it tests key levels of support and resistance. Traders should watch for any breakout or breakdown below the current range to determine the next major move in the market. With both buying and selling pressure present, it is crucial to monitor the price action and technical indicators for any signs of a trend reversal. As always, exercise caution and consider risk management strategies when trading cryptocurrencies.
By
By
By
By
By
By