BTC/USD Orbiting 29560 Technicals: Sally Ho’s Technical Analysis - 27 July 2023
Bitcoin (BTC/USD) is showing signs of continued upward momentum in the Asian session. The pair reached a high of 29686.41 after steadily moving up from the 28850 area. During this ascent, stops were triggered above the 23.6% retracement level at 29560.88. The ongoing recovery has also seen stops triggered above the 29462.90 area.
Key points:
- BTC/USD has upside retracement levels at 30000, 30356, 30711, 31151, and 31217.
- Above the current market price, upside price objectives can be found at 30526, 30611, 30762, and 31145.
- Other levels of buying pressure indicate upside price objectives at 32125 and 33569.
- Downside price objectives include 28213, 28137, 27757, 27430, 27338, 27312, 26348, and 26199.
- Technical support and potential buying pressure can be found at 28306, 27466, 26428, and 26272.
Subscribe to our Social Media for Exclusive Crypto News and Insights 24/7!
Traders are observing that the 50-bar MA (4-hourly) is indicating bearishness below the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). The same bearish indications can be seen on the 50-bar MA (hourly) below the 100-bar MA (hourly) and the 200-bar MA (hourly).
Closing paragraph:
Bitcoin is currently showing signs of upward momentum, with key resistance levels to watch out for. The technical indicators suggest a bearish trend, but it remains to be seen whether BTC/USD can break through these resistance levels. Traders should keep a close eye on the market and set appropriate stops to manage their risk.
