BTC/USD Orbiting 29318 Technicals: Sally Ho’s Technical Analysis – 30 July 2023
Bitcoin (BTC/USD) is currently experiencing moderate weakening after encountering selling pressure around the 29532.45 level. The price has now settled around the 29318.26 level, which is an upside price objective resulting from buying pressure around the 28850 and 28981.16 levels. Traders are closely monitoring the recent depreciating range from 31862.21 to 28850, with potential upside retracement levels at 30000, 30356, 30711, 31151, and 31217 areas.
Key Points:
– Upward price objectives above the market include the 30526, 30611, 30762, and 31145 areas.
– Other levels of buying pressure may lead to upside price objectives at the 32125 and 33569 areas.
– Downward price objectives below the market include the 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.
– Technical indicators suggest bearish trends, with the 50-bar MA (4-hourly) below the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). The same pattern is observed in the 50-bar MA (hourly) below the 100-bar MA (hourly) and the 200-bar MA (hourly).
Price activity is closest to the 50-bar MA (4-hourly) at 29481.83 and the 50-bar MA (hourly) at 29281.03. Traders can expect technical support around 24440.41/ 23270.10/ 22769.39, with stops expected below. Technical resistance is anticipated around 31986.16/ 32989.19/ 34658.69, with stops expected above.
Hot Take: Bitcoin’s price is currently experiencing moderate weakening after encountering selling pressure. Traders are closely monitoring potential buying pressure and technical support levels to determine the future direction of BTC/USD.
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