BTC/USD Bulls Eyeing 31137 Level: Sally Ho’s Technical Analysis – 13 July 2023
Bitcoin (BTC/USD) is showing signs of extended appreciation as it trades above the 30620 level, representing a 50% retracement from the recent depreciation. Bulls have their sights set on the 31137.92 area, which is the 78.6% retracement level. Stops are anticipated above this level. Additional upside price targets include 31737, 32125, and 33569. Stops are also expected above these levels.
In terms of technical support and potential buying pressure, traders should pay attention to the 29926, 29477, 28937, 28845, 28213, 28137, 27430, 27338, 27312, 26348, and 26199 levels.
Historical buying activity indicates upside price targets at 31674, 32043, 34531, 34658, and 35912 levels. On the other hand, the 28095.44 level represents a 23.6% retracement of the historical depreciating range.
Observations on the 4-hourly chart show that the 50-bar MA is below the 100-bar MA and above the 200-bar MA, indicating a bearish trend. Conversely, on the hourly chart, the 50-bar MA is above the 100-bar MA and the 200-bar MA, signaling a bullish trend.
Current price activity is closest to the 100-bar MA (4-hourly) at 30499.83 and the 50-bar MA (hourly) at 30525.03.
Technical support is expected around 24440.41, 23270.10, and 22769.39, with stops anticipated below. On the other hand, technical resistance is expected around 31986.16, 32989.19, and 34658.69, with stops expected above.
In summary, Bitcoin is experiencing upward momentum, with bulls targeting the 31137 level. Traders should monitor the various support and resistance levels for potential buying and selling opportunities.
Hot Take: Bitcoin’s upward trend continues, with bulls aiming for the 31137 level. Keep an eye on the support and resistance levels for potential trading opportunities.
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