BTC/USD Reclaiming Losses After 29525 Print: Sally Ho’s Technical Analysis – 20 July 2023
Bitcoin (BTC/USD) is working to reclaim recent losses as it hovers around the 30000 figure in the Asian session. Here are the key points from Sally Ho’s technical analysis:
– BTC/USD traded as high as 30196.24 before depreciating, with significant stops elected below 29592.63.
– Stops were also elected below the 29860.62 area, representing the 50% retracement of the recent appreciating range.
– Technical support and potential buying pressure levels include 29108, 28275, 27443, 26413, and 26257.
– Upside price objectives are at 32125 and 33569, with stops cited above additional targets at 32043, 34531, 34658, and 35912.
– The 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).
– Price activity is nearest the 50-bar MA (4-hourly) at 30420.27 and the 50-bar MA (hourly) at 30001.33.
– Technical support is expected around 24440.41, 23270.10, and 22769.39, with stops expected below.
– Technical resistance is expected around 31986.16, 32989.19, and 34658.69, with stops expected above.
In conclusion, Bitcoin is making efforts to recover from recent losses, but there are still key levels of support and resistance to watch. The moving averages are showing a bearish trend, but there are also potential upside targets to consider. It’s important to monitor the price action and key levels to make informed trading decisions.
Hot Take
As Bitcoin continues its recovery, traders need to pay attention to the support and resistance levels highlighted in the analysis. The moving averages suggest a bearish trend, but there are opportunities for upside movement. Monitoring the price action and taking into account the mentioned levels will be crucial for successful trading.
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