BTC/USD Tests 30862 Target: Sally Ho’s Technical Analysis – 5 July 2023
Bitcoin (BTC/USD) saw a retracement in the Asian session, moving back above the 31000 figure after briefly trading as low as 30870.63. This test was related to recent selling pressure around the 31333 and 31097 areas. The previous sell-off to 29417.14 tested the 38.2% retracement of the range from 26165.98 to 31443.67. After rallying to 30277, the pair could potentially test the 28604.83 area. The recent high of 31443.67 was a test of an upside price objective associated with buying pressure around 26637.41. Additional upside price objectives include 31737, 32125, and 33569.
Key points:
– BTC/USD retraced and moved back above 31000 after testing the 30870.63 area.
– Previous sell-off tested the 38.2% retracement level.
– Possibility of testing the 28604.83 area.
– Recent high of 31443.67 tested an upside price objective.
– Additional upside price objectives include 31737, 32125, and 33569.
Areas of potential support and buying pressure:
– 29863, 29427, 28886, 28804, 28182, 28096, and 27306.
– Stops were triggered above additional upside price objectives.
Technical indicators:
– 50-bar MA (4-hourly) is above the 100-bar MA (4-hourly) and 200-bar MA (4-hourly).
– 50-bar MA (hourly) is above the 100-bar MA (hourly) and 200-bar MA (hourly).
Closing paragraph:
Bitcoin (BTC/USD) is currently testing the 30862 target and shows potential for further upside movement. The recent retracement and tests of various price objectives suggest a volatile market. Traders should closely monitor support and resistance levels, as well as technical indicators, to make informed trading decisions.
Continue reading on Cryptodaily.co.uk
By
By
By
By
By