BTC/USD Hovering Around 30716: Sally Hoβs Technical Analysis β 4 July 2023
Bitcoin (BTC/USD) is currently consolidating recent gains in the Asian session. Here are the key points to note:
– BTC/USD traded as high as 30799 before experiencing a retracement, testing the 76.4% retracement level.
– The recent sell-off to 29417.14 tested the 38.2% retracement level.
– There is a possibility of a test of the 28604.83 area after BTC/USD spiked higher to the 30277 area.
– The recent print around 31443.67 was a twelve-month high and a test of an upside price objective.
– Additional upside price objectives include the 31737, 32125, and 33569 areas.
Areas of potential support and buying pressure include the 29863, 29427, 28886, 28804, 28182, 28096, and 27306 areas. Stops were triggered above additional upside price objectives.
Technicians are closely watching the 28095.44 area for potential technical support. The 50-bar MA (4-hourly) and the 50-bar MA (hourly) are indicating bullish signals.
Price activity is nearest the 50-bar MA (4-hourly) at 30486.99 and the 50-bar MA (Hourly) at 30547.43. Technical support is expected around 24440.41/ 23270.10/ 22769.39 with stops expected below. Technical resistance is expected around 31986.16/ 32989.19/ 34658.69 with stops expected above.
On the 4-hourly chart, SlowK is bullishly above SlowD, while MACD is bullishly above MACDAverage. On the 60-minute chart, SlowK is bearishly below SlowD, while MACD is bearishly below MACDAverage.
Hot Take
Bitcoin’s recent consolidation and retracement indicate potential support and resistance levels to watch. The bullish signals from the moving averages suggest a positive outlook for BTC/USD. Traders should keep an eye on the key areas mentioned to make informed trading decisions.
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