BTC/USD 29998 Support Tested: Sally Ho’s Technical Analysis – 11 July 2023
Bitcoin (BTC/USD) faced buying pressure around the 29996.74 level, testing the 61.8% retracement of its recent upward trend. The pair then moved higher to test the 23.6% retracement at 30282.09. However, selling pressure increased around the 31142.38 level, raising the risk of another test at 29427. Below that, the 28604.83 level is the next key support. Upside price targets include 31737, 32125, and 33569, with stops cited above at 31674, 32043, 34531, and 34658.
Areas of potential technical support and buying pressure include 29427, 28886, 28804, 28182, 28096, and 27306. Traders are closely monitoring the 28095.44 area, which represents a retracement of the historical downward range. The moving averages indicate a bullish outlook on the 4-hourly chart, but a bearish one on the hourly chart.
The price is currently closest to the 100-bar MA (4-hourly) at 30475.07 and the 50-bar MA (hourly) at 30227.33. Technical support is expected around 24440.41, 23270.10, and 22769.39, with stops below. Technical resistance is expected around 31986.16, 32989.19, and 34658.69, with stops above. On the 4-hourly and 60-minute charts, SlowK is bullish above SlowD, and MACD is bullish above MACDAverage.
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