BTC/USD Momentum Lacks Conviction: Sally Ho’s Technical Analysis – 14 July 2023
Bitcoin (BTC/USD) extended recent sideways trading activity early in the Asian session as the pair continued to orbit the 30491.62 area, representing the 50% retracement of the appreciating range from 29539.57 to 31443.67. Selling pressure recently intensified around the 31000 figure, a test of the 23.6% retracement of the same appreciating range. Upside price objectives include the 31737, 32125, and 33569 areas. Stops are cited above additional upside price objectives around the 31674, 32043, 34531, and 34658 areas. Following recent trading activity, areas of technical support and potential buying pressure include the 29926, 29477, 28937, 28845, 28213, 28137, 27430, 27338, 27312, 26348, and 26199 levels.
Upside price objectives related to historical buying activity include the 31674, 32043, 34531, 34658, and 35912 levels. Below current price activity, the 28095.44 area represents the 23.6% retracement of the historical depreciating range from 69000 to 15460. Downside price objectives related to recent selling pressure include the 29849 and 29331 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 30499.83 and the 50-bar MA (Hourly) at 30525.03.
Technical Support is expected around 24440.41/ 23270.10/ 22769.39 with Stops expected below.
Technical Resistance is expected around 31986.16/ 32989.19/ 34658.69 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
Disclaimer: Sally Ho’s Technical Analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
Source: https://cryptodaily.co.uk/2023/07/bitcoin-price-analysis-bears-eye-29331-14-july-2023