Bitcoin (BTC/USD) Technical Analysis – 10 July 2023
Bitcoin is currently tightly orbiting the 30281.33 area, which represents the 23.6% retracement of its recent appreciating range. The selling activity reversed around 30148.60, testing the 23.6% retracement of the depreciating range. Further selling pressure was seen around 31142.38, increasing the risk of another test at 29427. Below that level, the 28604.83 level is the 50% retracement. Upside price objectives include 31737, 32125, and 33569, with stops cited above these levels.
Areas of potential support and buying pressure include 29427, 28886, 28804, 28182, 28096, and 27306. Traders are watching closely for technical support around 28095.44, representing the 23.6% retracement of the historical depreciating range. The 50-bar MA (4-hourly) is indicating bullishness above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). However, the 50-bar MA (hourly) is indicating bearishness below the 100-bar MA (hourly) and the 200-bar MA (hourly).
The price is currently nearest to the 100-bar MA (4-hourly) at 30465.99 and the 100-bar MA (hourly) at 30403.73. Technical support is expected around 24440.41, 23270.10, and 22769.39, with stops expected below. On the other hand, 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, and MACD is bullishly above MACDAverage.
By
By
By
By
By
By