BTC/USD Tests 29403 Technicals: Sally Ho’s Technical Analysis – 27 July 2023
Bitcoin (BTC/USD) is experiencing fresh technical guidance as it encounters buying pressure around the 29089.54 area. Here are the key points from Sally Ho’s technical analysis:
1. Bullish momentum pushed BTC/USD higher to the 29402.80 level, testing a recent downside price objective.
2. Downside price objectives include the 28775, 29386, and 27757 levels.
3. Technical support and potential buying pressure can be found at the 28306, 27466, 26428, and 26272 levels.
4. Upside price objectives include the 30526, 30611, 30762, and 31145 areas.
5. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 29733.89 and the 50-bar MA (Hourly) at 29173.21. Technical support is expected around 24440.41/23270.10/22769.39 with stops expected below, while technical resistance is expected around 31986.16/32989.19/34658.69 with stops expected above.
In conclusion, BTC/USD is currently experiencing buying pressure and bullish momentum. Traders should watch for support and resistance levels as indicated by the technical analysis.
Hot Take:
BTC/USD is showing signs of potential upward movement, with support levels identified and resistance levels to watch. Traders should closely monitor the price action and consider their risk tolerance before making any trading decisions.
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