BTC/USD Bears Slowed by 30142: Sally Ho’s Technical Analysis – 9 July 2023
Bitcoin (BTC/USD) is currently experiencing bearish sentiment as it struggles to maintain momentum after failing to break the 30407 level. However, selling activity seems to have reversed around the 30148.60 area, indicating a potential test of the 29427 level. The recent selling pressure around the 31142.38 area increases the risk of further downside towards the 29427 level. On the upside, price objectives include the 31737, 32125, and 33569 areas.
Key Points:
– BTC/USD failed to sustain a break of the 30407 level.
– Selling pressure reversed around the 30148.60 area.
– Recent selling pressure increases the risk of a test of the 29427 level.
– Upside price objectives include the 31737, 32125, and 33569 areas.
– Technical support and buying pressure can be found at the 29427, 28886, 28804, 28182, 28096, and 27306 areas.
Traders are closely monitoring the 28095.44 area for potential technical support, as it represents the 23.6% retracement of the historical depreciating range. The 50-bar MA (4-hourly) is currently indicating bullishness, while the 50-bar MA (hourly) is showing bearishness.
In terms of price activity, the nearest MA levels are the 100-bar MA (4-hourly) at 30422.49 and the 50-bar MA (hourly) at 30234.43. Technical support is expected around 24440.41/23270.10/22769.39, while technical resistance is expected around 31986.16/32989.19/34658.69.
Hot Take: BTC/USD bears have been slowed by the 30142 level, but the risk of further downside remains. Traders should closely monitor the 29427 level as a potential turning point for the market.
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