Bitcoin (BTC/USD) Technical Analysis – 3 July 2023
Bitcoin (BTC/USD) is seeking fresh technical guidance as it continues to orbit the 30491.62 area. Here are the key points to note:
– BTC/USD recently tested the 38.2% retracement level at 29417.14 after spiking to 30277. This increases the possibility of a test of the 28604.83 area.
– The pair recorded a June gain of approximately 11.9% and is up around 83.4% year-to-date.
– The recent print around 31443.67 was a twelve-month high and a test of an upside price objective.
– Additional upside price objectives to watch for are 31737, 32125, and 33569.
– Areas of support and buying pressure include 29863, 29427, 28886, 28804, 28182, 28096, and 27306.
Technicians are closely observing the 28095.44 area to see how much technical support develops. The moving averages indicate a bullish trend. Here are the specifics:
– The 50-bar MA (4-hourly) is above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly).
– The 50-bar MA (hourly) is above the 100-bar MA (hourly) and the 200-bar MA (hourly).
Price activity is closest to the 50-bar MA at 30497.77 (4-hourly) and 30517.17 (hourly). Technical support is expected at 24440.41, 23270.10, and 22769.39, with resistance at 31986.16, 32989.19, and 34658.69.
On the 4-hourly chart, SlowK is bearish below SlowD, while MACD is bearish below MACDAverage. On the 60-minute chart, SlowK is bearish below SlowD, while MACD is bullish above MACDAverage.
Hot Take
Bitcoin’s technical analysis suggests a continued need for guidance as it hovers around the 30491.62 area. With recent gains and key support levels to watch, it’s important to monitor the moving averages for potential trends. While some indicators point to a bearish outlook, others show bullish potential. It will be interesting to see how Bitcoin’s price activity develops in the coming days.
Continue reading on Cryptodaily.co.uk
By
By
By
By