BTC/USD 4% Pullback in July: Technical Analysis August 2023

BTC/USD 4% Pullback in July: Sally Ho’s Technical Analysis – 1 August 2023

Bitcoin (BTC/USD) experienced a 4% pullback in July and has seen a year-to-date appreciation of nearly 76%. Let’s break down the key points:

1. Downside price objectives: The market has seen downward pressure around the 29469.84 area, with stops being elected below the 29259.93 area. Downside price objectives include levels such as 28213, 28137, 27757, 27430, 27338, 27312, 26348, and 26199.

2. Upside potential: Areas of technical support and potential buying pressure include levels such as 28306, 27466, 26428, and 26272. Traders are monitoring the recent depreciating range and looking for upside retracement levels around 30000, 30356, 30711, 31151, and 31217.

3. Upside price objectives: Above the market, upside price objectives include levels like 30526, 30611, 30762, 31145, 32125, and 33569. Stops are cited above additional upside price objectives around 32043, 34531, 34658, and 35912.

4. Moving averages: The 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). The 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).

5. Technical support and resistance: Price activity indicates that the nearest technical support is expected around levels such as 24440.41, 23270.10, and 22769.39. Technical resistance is expected around levels like 31986.16, 32989.19, and 34658.69.

In conclusion, Bitcoin experienced a 4% pullback in July but has seen significant year-to-date appreciation. Traders are monitoring various levels for potential buying pressure, while also being aware of downside price objectives. Moving averages indicate bearish trends, and technical support and resistance levels are being observed. The market remains dynamic and requires careful analysis.

Hot Take:

Bitcoin’s pullback in July is a reminder of the volatility in the cryptocurrency market. Despite the setback, the year-to-date appreciation is impressive. Traders should closely monitor the support and resistance levels mentioned to make informed decisions. The bearish trends indicated by the moving averages suggest caution. As always, it’s important to stay updated on the latest technical analysis to navigate the market effectively.