BTC/USD Bears Eye 29592 Pain: Sally Ho’s Technical Analysis – 19 July 2023
Bitcoin (BTC/USD) is facing more downward pressure as it continues to trade below $30,000. The selling pressure intensified around the $30,297 level after a rebound from its weakest point in July. The price dropped as low as $29,668, breaking below the previous monthly low at $29,715.
Here are the key points from the analysis:
– The 23.6% retracement level of the recent narrow range is at $30,291, which was briefly tested during a rebound. However, significant stops are cited below $29,592, indicating strong selling pressure.
– Technical support and potential buying pressure levels are at $29,108, $28,275, $27,443, $26,413, and $26,257.
– The $28,095 level represents the 23.6% retracement of the historical range from $69,000 to $15,460.
– Upside price objectives are at $32,125 and $33,569, with stops cited above additional targets at $32,043, $34,531, $34,658, and $35,912.
– 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 pattern is observed in the hourly chart.
Price activity is closest to the 200-bar MA (4-hourly) at $29,442 and the 50-bar MA (hourly) at $30,169. Technical support is expected around $24,440, $23,270, and $22,769, with stops expected below. Technical resistance is expected around $31,986, $32,989, and $34,658, with stops expected above.
On the 4-hourly chart, the SlowK is bearishly below SlowD, while the MACD is bearishly below the MACDAverage. On the 60-minute chart, the SlowK is bearishly below SlowD, and the MACD is bearishly below the MACDAverage.
Hot Take
Bitcoin continues to face selling pressure and remains below the $30,000 level. The technical analysis suggests that there is strong selling pressure and potential for further downside movement. Traders should closely monitor the support levels and be cautious of additional selling pressure. Upside price objectives are limited, indicating a challenging road ahead for Bitcoin bulls.
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