Bitcoin (BTC/USD) Profit-Taking After 31803: Sally Ho’s Technical Analysis – 15 July 2023
Bitcoin (BTC/USD) is experiencing modest gains and encountering buying pressure around the 31083.40 level during a pullback. The trading activity is revolving around the 31209.91 area, representing the 23.6% retracement of a recent appreciating range. BTC/USD reached as high as 31803.38 before giving up some gains. The upside price objectives are the 32125 and 33569 areas, with stops cited above additional upside price objectives.
Key Points:
1. BTC/USD is aiming to retain recent modest gains.
2. The trading activity is centered around the 31209.91 area.
3. Upside price objectives include the 32125 and 33569 areas.
4. Areas of technical support and potential buying pressure are identified.
5. Traders are observing the MA indicators on the 4-hourly and hourly charts.
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 bearishly below 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 has seen some profit-taking after reaching the 31803 level. However, it is still holding onto its recent gains. Traders should keep an eye on the various price objectives and support levels to make informed decisions. The MA indicators on both the 4-hourly and hourly charts provide further insights into the market trend. Overall, it is crucial to monitor BTC/USD closely for potential opportunities.
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