BTC/USD Momentum Lacks Conviction: Sally Ho’s Technical Analysis – 14 July 2023
Bitcoin (BTC/USD) is currently trading sideways around the 30491.62 area, which represents the 50% retracement of its recent range. However, selling pressure has intensified near the 31000 level. Here are the key points to note:
– Upside price targets include the 31737, 32125, and 33569 areas.
– Stops are cited above additional upside targets at 31674, 32043, 34531, and 34658.
– Areas of support and potential buying pressure can be found at levels such as 29926, 29477, and 28937.
– Historical buying activity suggests upside price targets at 31674, 32043, 34531, 34658, and 35912.
– Downside price targets related to recent selling pressure are at 29849 and 29331.
In terms of technical indicators:
– The 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).
– The 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Based on current price activity, the nearest MA levels are at 30499.83 (100-bar MA, 4-hourly) and 30525.03 (50-bar MA, hourly). Technical support is expected at 24440.41, 23270.10, and 22769.39, while resistance is expected at 31986.16, 32989.19, and 34658.69.
On the 4-hourly chart, SlowK is bullishly above SlowD, while MACD is bearishly below MACDAverage. On the 60-minute chart, SlowK is bullishly above SlowD, and MACD is bullishly above MACDAverage.
In summary, the momentum in BTC/USD lacks conviction as the pair continues to trade sideways. There are both upside and downside targets to watch out for, as well as areas of support and resistance. The technical indicators suggest a mixed sentiment, with some bearish and bullish signals.
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