BTC/USD 29477 Increasingly at Risk: Sally Ho’s Technical Analysis – 24 July 2023
Bitcoin (BTC/USD) is currently lacking conviction as it remains below the 30000 figure and hovers around the 29922.87 area. The 29477.92 area is highly at risk of being absorbed by selling pressure, as BTC/USD has already tested this previous upside price objective twice. Other significant downside price objectives include levels such as 28937, 28845, 28213, 28137, 27430, 27338, 27312, 26348, and 26199. Additional downside targets include 29403, 29089, 28775, 28386, and 27757. The 28095.44 area represents the 23.6% retracement of the historical depreciating range.
Key Points:
– Bitcoin is struggling to break above the 30000 level.
– The 29477.92 area is highly vulnerable to selling pressure.
– Significant downside price levels include 28937, 28845, 28213, 28137, 27430, 27338, 27312, 26348, and 26199.
– Potential buying support can be found at 28306, 27466, 26428, and 26272.
– Upside targets include 30526, 30611, 30762, and 31145.
Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Similarly, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly). The nearest MA levels are 30011.17 (200-bar MA, 4-hourly) and 29884.81 (50-bar MA, hourly).
Technical Support is expected around 24440.41, 23270.10, and 22769.39, with stops anticipated below. On the other hand, Technical Resistance is expected around 31986.16, 32989.19, and 34658.69, with stops expected above.
Hot Take: Bitcoin is facing significant selling pressure and struggling to break above key resistance levels. The downside remains a major concern, and the 29477.92 area is particularly vulnerable. Traders should closely monitor the price action and be cautious in their trading decisions.
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