BTC/USD Again Tests 29228 Level: Sally Ho’s Technical Analysis – 31 July 2023
Bitcoin (BTC/USD) is maintaining a minor bid early in the Asian session. The pair has traded back above the 29318.26 level after reaching a low of 29230. This represents another test of an upside price objective associated with buying pressure around the 28850 and 28981.16 levels.
Key points:
– Traders are monitoring the recent range from 31862.21 to 28850 and looking at upside retracement levels around 30000, 30356, 30711, 31151, and 31217.
– Above the market, upside price objectives include 30526, 30611, 30762, and 31145.
– Upside price objectives related to other levels of buying pressure include 32125 and 33569.
– Downside price objectives below the market include 28213, 28137, 27757, 27430, 27338, 27312, 26348, and 26199.
– Technical support and potential buying pressure can be found at 28306, 27466, 26428, and 26272 levels.
Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and 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).
Price activity is closest to the 50-bar MA (4-hourly) at 29450.97 and the 100-bar MA (hourly) at 29302.37. 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 bullishly above SlowD while MACD is bullishly above MACDAverage. On the 60-minute chart, SlowK is bullishly above SlowD while MACD is bullishly above MACDAverage.
Hot Take
Bitcoin is experiencing another test of the 29228 level, with traders closely monitoring the range and various price objectives. Technical indicators suggest some bearishness, but there are potential support levels to watch out for. The market is volatile, so caution is advised when making trading decisions.
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