BTC/USD Elevated Volatility After 31055: Sally Ho’s Technical Analysis – 12 July 2023
Bitcoin (BTC/USD) is experiencing increased volatility after reaching the 31055.75 area, which represents a test of the 78.6% retracement of the recent depreciating range. However, selling pressure around the 31142.38 area has raised concerns about another test of the 29427 area, representing the 38.2% retracement of the broader appreciating range.
Here are the key points to note:
– BTC/USD is currently orbiting the 30407 area, which is the 38.2% retracement of the depreciating range.
– Stops were triggered above the 30833.97 area, indicating a rapid appreciation.
– Additional upside price objectives include the 31737, 32125, and 33569 areas.
– Potential areas of technical support and buying pressure include 29427, 28886, 28804, 28182, 28096, and 27306.
– Technical indicators suggest that the 50-bar MA (4-hourly) is indicating bullishness, while the 50-bar MA (hourly) is indicating bearishness.
In conclusion, the BTC/USD pair is currently experiencing elevated volatility, with both upside and downside price objectives to watch out for. Technical support and resistance levels should be closely monitored to gauge the market’s next moves.
Hot Take:
Bitcoin’s price continues to be highly volatile, with key levels to watch out for in both directions. The recent test of the 78.6% retracement level indicates potential further downside, while the bullish indications from the technical indicators suggest the possibility of upside movement. Traders and investors should remain cautious and closely monitor the market for any significant price developments.
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