BTC/USD Bulls Stampede to 31525 Before Volatility: Sally Ho’s Technical Analysis – 7 July 2023
Bitcoin (BTC/USD) made strong advances, reaching a fresh twelve-month high of 31525.10 after surpassing the recently-established yearly high at 31443.67. The buying pressure started around 30328.79, and further technical activity accelerated the move at levels of 30439.66 and 30575.66. However, a volatile pullback led to buying pressure at the 31828 level, testing the 38.2% retracement. Stops were eventually elected below 31014, 30857, and 30699 areas, leading to profit-taking depreciation.
Main Breakdowns:
– Bitcoin reached a fresh twelve-month high at 31525.10 after surpassing the yearly high at 31443.67.
– Buying pressure emerged at levels of 30328.79, 30439.66, and 30575.66, accelerating the move.
– A volatile pullback led to buying pressure at the 31828 level, testing the 38.2% retracement.
– Stops were elected below 31014, 30857, and 30699 areas, resulting in profit-taking depreciation.
– Additional upside price objectives are at 31737, 32125, and 33569 areas.
Hot Take:
Bitcoin has seen significant bullish momentum, reaching new highs. However, the volatile pullback and profit-taking depreciation indicate a level of uncertainty. Traders should closely monitor the support levels and technical indicators to gauge the future direction of BTC/USD.
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