BTC/USD Stops Elected Below 30147: Sally Ho’s Technical Analysis – 16 July 2023
Key Points:
– Bitcoin (BTC/USD) is trading within a tight range, encountering minor technical buying pressure at the 30142.85 level.
– Stops were triggered below various price levels, indicating downside price objectives linked to recent selling pressure and depreciation.
– Upside price objectives include the 32125 and 33569 levels, with stops cited above additional upside price objectives.
– Areas of technical support and potential buying pressure include the 29920, 29108, and 28275 levels.
– Traders are noting the bearish indication of the 50-bar MA (4-hourly) below the 100-bar MA (4-hourly), but bullish indications for the 50-bar MA (hourly) above the 100-bar MA (hourly).
– Price activity is closest to the 50-bar MA (4-hourly) and the 200-bar MA (hourly).
Hot Take:
Bitcoin is currently trading within a narrow range, with stops triggered below certain price levels. While there is potential for upside movement, there is also selling pressure to consider. Technical indicators show a mixed picture, with bearish and bullish indications. Traders should closely monitor support and resistance levels for potential buying or selling opportunities.
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