BTC/USD Bulls Seek to Hold 29427: Sally Ho’s Technical Analysis - 8 July 2023
Bitcoin (BTC/USD) is currently being influenced by bearish technical sentiment in the Asian session. The pair dropped to the 29715.97 area after reaching a recent twelve-month high of 31525.10. However, traders managed to push BTC/USD up to the 30363.57 area, testing the 38.2% retracement of the recent downward range. There is now increasing selling pressure around the 31142.38 area, which raises the risk of another test of the 29427 area, representing the 38.2% retracement of the broader upward range. If it goes below that, the 28604.83 level will act as the 50% retracement. Upside price objectives are at 31737, 32125, and 33569 areas, with stops located above them.
Key points:
- BTC/USD dropped to 29715.97 after reaching a recent twelve-month high.
- Traders pushed it up to 30363.57 to test the 38.2% retracement.
- Selling pressure intensified at the 31142.38 area, increasing the risk of another test at 29427.
- Upside price objectives are at 31737, 32125, and 33569 areas.
- Stops are located above the additional upside price objectives.
Areas of potential technical support and buying pressure:
- 29427, 28886, 28804, 28182, 28096, and 27306.
- Technicians are closely watching the 28095.44 area for technical support, representing a retracement of the historical downward range.
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Technical indicators:
- The 50-bar MA (4-hourly) is indicating above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly).
- The 50-bar MA (hourly) is indicating below the 100-bar MA (hourly) and the 200-bar MA (hourly).
Price activity:
- Nearest to the 100-bar MA (4-hourly) at 30243.31 and the 50-bar MA (hourly) at 30393.63.
Technical Support and Resistance:
- Expected technical support around 24440.41, 23270.10, and 22769.39 with stops expected below.
- Expected technical resistance around 31986.16, 32989.19, and 34658.69 with stops expected above.
On the 4-hourly chart:
- SlowK is bullishly above SlowD.
- MACD is bearishly below MACDAverage.
On the 60-minute chart:
- SlowK is bullishly above SlowD.
- MACD is bullishly above MACDAverage.
Hot Take:
BTC/USD is currently facing bearish pressure but has managed to test the 38.2% retracement level. However, selling pressure is intensifying, increasing the risk of a further drop. Technicians are closely watching the 28095.44 area for potential support. The technical indicators show a mix of bullish and bearish signals. Keep an eye on the price activity around the 100-bar MA and the 50-bar MA. The key support and resistance levels to watch are 29427 and 31986.16, respectively. Overall, the market sentiment for BTC/USD remains uncertain, and further analysis is needed to determine the next move.
