BTC/USD Again Tests 29320 Technicals: Sally Ho’s Technical Analysis – 29 July 2023
Bitcoin (BTC/USD) is currently trading within a relatively tight range after reaching the 29320.14 level. Traders are closely monitoring the recent depreciation from 31862.21 to 28850, with various upside retracement levels to watch. Stops were recently triggered above the 29462.90 area, indicating buying pressure at 28850 and 28981 levels. Upside price objectives include the 30526, 30611, 30762, and 31145 areas. Below the market, downside price objectives range from 28213 to 26199. Technical indicators show the 50-bar MA (4-hourly) indicating bearishness, while the 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and above the 100-bar MA (hourly).
Key Points:
- BTC/USD is trading within a tight range after reaching the 29320.14 level
- Traders are watching the recent depreciation from 31862.21 to 28850
- Upside price objectives include levels such as 30526, 30611, 30762, and 31145
- Downside price objectives range from 28213 to 26199
- Technical indicators show bearishness in the 50-bar MA (4-hourly)
Hot Take:
Bitcoin’s recent price movement suggests a consolidation phase after reaching the 29320.14 level. Traders should closely monitor the key price levels and technical indicators to determine the next direction for BTC/USD. The downside price objectives provide potential buying opportunities, while the upside price objectives indicate levels of resistance. It is essential to stay informed and make informed trading decisions based on the latest technical analysis.
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