BTC/USD Bears Take Out 29089: Sally Ho’s Technical Analysis – 25 July 2023
Bitcoin (BTC/USD) remained quite weak early in the Asian session as the pair plummeted to the 28973.24 area after trading as high as the 30350.70 area, a brief move that represented a test of a recent price objective associated with buying pressure around the 29525 and 29757.44 areas. Stops were elected below the 29403 and 29089 levels during the acute depreciation, downside price objectives linked to recent selling pressure around the 30421.29 and 29851.28 levels. Related downside price objectives include the 28775, 29386, and 27757 levels. The rapid depreciation also represented a test of the 28937 and 28845 levels, upside price objectives related to buying pressure from June around the 24750 and 26165 levels. Additional downside price objectives include the 29386, 28213, 28137, 27757, 27430, 27338, 27312, 26348, and 26199 levels.
Below current price activity, the 28095.44 area represents the 23.6% retracement of the historical depreciating range from 69000 to 15460. Following recent upside activity, areas of technical support and potential buying pressure include the 28306, 27466, 26428, and 26272 levels. Above the market, upside price objectives include the 30526, 30611, 30762, and 31145 areas. Upside price objectives related to other levels of buying pressure include the 32125 and 33569 areas, and Stops are cited above additional upside price objectives around the 32043, 34531, 34658, and 35912 areas. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 29980.73 and the 50-bar MA (Hourly) at 29853.07.
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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below 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-take-out-29089-25-july-2023