BTC/USD Bearish Sentiment Expanding: Sally Ho’s Technical Analysis – 22 July 2023
Bitcoin’s downward trend continues as it struggles to maintain recent gains above the 30000 level. Bears have absorbed the 30183.73 level, triggering a pullback. Stops were elected at various levels during the depreciation, with downside price objectives around the 30421.29 and 30281.68 areas. Additional downside price objectives include levels at 29403, 29089, 28775, 28386, and 27757. The 28095.44 area represents a significant support level.
Areas of technical support and potential buying pressure include the 28306, 27466, 26428, and 26272 levels. Potential upside price objectives include the 30526, 30611, 30762, and 31145 areas. Other levels of buying pressure also have upside price objectives at 32125 and 33569. Stops are cited above additional upside price objectives. The moving averages indicate a bearish trend, with the 50-bar MA (4-hourly) below the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). The same trend is seen in the hourly chart.
The price activity is closest to the 200-bar MA (4-hourly) at 29685.25 and the 50-bar MA (hourly) at 29992.93. Technical support is expected around levels 24440.41, 23270.10, and 22769.39, with stops expected below. Technical resistance is expected around levels 31986.16, 32989.19, and 34658.69, with stops expected above.
On the 4-hourly chart, the SlowK is bearishly below SlowD, while MACD is bullishly above MACDAverage. On the 60-minute chart, the SlowK is bearishly below SlowD, and MACD is bearishly below MACDAverage.
Hot Take: Bitcoin’s bearish sentiment is expanding, and the technical analysis suggests further downside movement. Traders should pay attention to the support and resistance levels mentioned to make informed decisions.
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