BTC/USD Breach of 29768 at Risk: Sally Ho’s Technical Analysis – 23 July 2023
Bitcoin (BTC/USD) is facing downward pressure as it struggles to maintain upward momentum. The pair is currently below the 30000 mark after reaching a recent peak around 30060.28. This level was an upside price objective linked to buying pressure at 29525 and 30059.95. Downside pressure reversed at 29768.19, which was a downside price objective associated with selling pressure at 30421 and 30281. Further downside price objectives include 29403, 29089, 28775, 28386, and 27757. The 28095.44 area represents the 23.6% retracement of the historical decline from 69000 to 15460.
Key Points:
– Bitcoin is struggling to maintain upward momentum below the 30000 mark.
– Recent buying pressure was associated with a peak at 30060.28.
– Downside pressure reversed at 29768.19, which was associated with recent selling pressure.
– Further downside price objectives include 29403, 29089, 28775, 28386, and 27757.
– The 28095.44 area represents a key support level.
Areas of technical support and potential buying pressure include 28306, 27466, 26428, and 26272. Upside price objectives include 30526, 30611, 30762, and 31145. Other levels of buying pressure are at 32125 and 33569. Stops are cited above additional upside price objectives at 32043, 34531, 34658, and 35912. The 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and above 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).
Key Points:
– Support levels include 28306, 27466, 26428, and 26272.
– Upside price objectives are at 30526, 30611, 30762, and 31145.
– Other levels of buying pressure are at 32125 and 33569.
– Technical indicators suggest bearish momentum.
Price activity is closest to the 200-bar MA (4-hourly) at 29954.91 and the 50-bar MA (hourly) at 29869.83. Technical support is expected around 24440.41, 23270.10, and 22769.39, with stops expected below. Technical resistance is expected around 31986.16, 32989.19, and 34658.69, with stops expected above. On the 4-hourly chart, the SlowK is bearishly below SlowD, while the MACD is bullishly above MACDAverage. On the 60-minute chart, the SlowK is bearishly below SlowD, while the MACD is bearishly below MACDAverage.
Key Points:
– Price activity is closest to the 200-bar MA (4-hourly) and the 50-bar MA (hourly).
– Support and resistance levels are identified.
– Technical indicators suggest mixed signals.
Hot Take
Bitcoin (BTC/USD) is currently facing downward pressure and struggling to maintain upward momentum. The recent peak around 30060.28 was an upside price objective, but the pair reversed at 29768.19, indicating downside pressure. With further downside price objectives and key support levels identified, it remains to be seen if Bitcoin can regain its footing. Technical indicators suggest bearish momentum, but the mixed signals make the future direction uncertain. Traders should closely monitor the support and resistance levels, as well as the performance of the MA indicators, to make informed trading decisions.
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