Bitcoin (BTC/USD) Bears Take Out 29089: Sally Ho’s Technical Analysis – 25 July 2023
Bitcoin (BTC/USD) experienced a significant decline in the Asian session, dropping to the 28973.24 area after reaching a high of 30350.70. This brief move tested a recent price objective related to buying pressure around the 29525 and 29757.44 areas. As the depreciation continued, stops were triggered below the 29403 and 29089 levels, which are downside price objectives linked to recent selling pressure around the 30421.29 and 29851.28 levels. Other downside price objectives include the 28775, 29386, and 27757 levels.
The rapid depreciation also tested upside price objectives at the 28937 and 28845 levels, which are associated with buying pressure from June around the 24750 and 26165 levels. Additional downside price objectives include the 29386, 28213, 28137, 27757, 27430, 27338, 27312, 26348, and 26199 levels.
Technical support and potential buying pressure can be found at the 28306, 27466, 26428, and 26272 levels. On the upside, price objectives to watch for are the 30526, 30611, 30762, and 31145 areas. Other significant upside price objectives include the 32125 and 33569 areas. Traders should be aware of stops above additional upside price objectives at the 32043, 34531, 34658, and 35912 areas.
Observations indicate that 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 also bearishly indicating below the 100-bar MA (hourly) and the 200-bar MA (hourly).
The current price activity is closest to the 50-bar MA (4-hourly) at 29980.73 and the 50-bar MA (hourly) at 29853.07. Technical support is expected around 24440.41, 23270.10, and 22769.39, with stops expected below. On the other hand, technical resistance is expected around 31986.16, 32989.19, and 34658.69, with stops expected above.
On the 4-hourly chart, SlowK is bearishly below SlowD, while MACD is bearishly below MACDAverage. On the 60-minute chart, SlowK is also bearishly below SlowD, and MACD is bearishly below MACDAverage.
Hot Take: Bitcoin experienced a significant decline, breaking key levels of support. The bearish indicators on both the 4-hourly and 60-minute charts suggest further downside potential. Traders should closely monitor the price activity and be cautious of potential buying pressure levels and stops.
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