Bitcoin (BTC/USD) Technical Analysis – 26 July 2023
Bitcoin (BTC/USD) experienced some pressure in the Asian session, starting at the 29046 level and reaching 29278.23 after Stops were elected above 29228.77. The buying pressure was seen around the 28850 and 28981 levels. A pullback occurred around 29092.07, finding technical support just above a related price objective of 29084. However, BTC/USD quickly dropped to 28973.24 after trading as high as 30350.70. Stops were elected below 29403 and 29089 levels, which are downside price objectives linked to recent selling pressure at 30421.29 and 29851.28 levels. Other downside price objectives include 28775, 29386, and 27757.
Key Points:
– BTC/USD experienced buying pressure around 28850 and 28981 levels.
– The 29092.07 area provided technical support during the pullback.
– BTC/USD dropped to 28973.24 after reaching 30350.70.
– Downside price objectives include 30421.29, 29851.28, 28775, 29386, and 27757 levels.
The 28095.44 area represents the 23.6% retracement of the historical depreciating range from 69000 to 15460. Technical support and potential buying pressure can be found at 28306, 27466, 26428, and 26272 levels. Upside price objectives include 30526, 30611, 30762, and 31145 levels, with additional levels at 32125 and 33569. Stops are cited above the 32043, 34531, 34658, and 35912 areas. The 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). The same bearish indication is seen on the 50-bar MA (hourly) below the 100-bar MA (hourly) and the 200-bar MA (hourly).
Key Points:
– The 28095.44 area is the 23.6% retracement level.
– Technical support and buying pressure can be found at various levels.
– Upside price objectives include 30526, 30611, 30762, and 31145 levels.
– Bearish indications are seen on both the 4-hourly and hourly charts.
The price activity is closest to the 50-bar MA (4-hourly) at 29835.43 and the 50-bar MA (hourly) at 29488.31. 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, SlowK is bearishly below SlowD, while MACD is bearishly below MACDAverage. On the 60-minute chart, SlowK is bearishly below SlowD, while MACD is bullishly above MACDAverage.
Key Points:
– Price activity is closest to the 50-bar MA on both the 4-hourly and hourly charts.
– Technical support and resistance levels are expected at various points.
– Bearish indications are seen on both the 4-hourly and hourly charts.
Hot Take: Bitcoin (BTC/USD) remains in a pivotal position at the 28095 level. With recent ups and downs, it is important to analyze the technical support and resistance levels to make informed trading decisions. Traders should closely monitor the bearish indications on the MA and be cautious of potential downside price objectives. Overall, the market sentiment for BTC/USD seems uncertain, and it is crucial to stay updated with the latest developments to navigate the cryptocurrency market effectively.
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