BTC/USD Up 85% Year-to-Date: Sally Ho’s Technical Analysis – 1 July 2023
Bitcoin (BTC/USD) is currently in a modest uptrend and has consolidated recent gains above the 30500 area. The buying power has strengthened around 30240.32 during a slight pullback, representing a test of the 23.6% retracement. BTC/USD has gained approximately 11.3% in June and is up around 85.6% year-to-date. The recent high of 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 technical support and buying pressure include the 29863, 29427, 28886, 28804, 28182, 28096, and 27306 areas. Stops were triggered above additional upside price objectives around the 29068, 29159, 29458, 30088, 30200, 30292, and 30477 levels. Traders are closely watching the 28095.44 area as it represents the 23.6% retracement of the historical depreciating range.
The 50-bar MA (4-hourly) is indicating bullishness above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). However, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is closest to the 50-bar MA (4-hourly) at 30415.23 and the 100-bar MA (hourly) at 30429.07. 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.
On the 4-hourly chart, SlowK is bullish above SlowD while MACD is bullish above MACDAverage. On the 60-minute chart, SlowK is bearish below SlowD while MACD is bullish above MACDAverage.
Key Points:
– BTC/USD is in a modest uptrend and has consolidated recent gains.
– The pair has gained approximately 11.3% in June and 85.6% year-to-date.
– Upside price objectives include the 31737, 32125, and 33569 areas.
– Potential technical support and buying pressure areas include 29863, 29427, and 28886.
– The 50-bar MA (4-hourly) indicates bullishness.
Hot Take:
Bitcoin has continued its upward trend, gaining significant value in the past year. While there may be slight pullbacks along the way, the overall trend remains positive. Traders should keep a close eye on the key support and resistance levels to make informed decisions.
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