Bitcoin Price Analysis: Orbiting 29563 Technicals

BTC/USD Orbiting 29563:  Sally Ho’s Technical Analysis – 24 June 2023

Bitcoin (BTC/USD) continued to moderate early in the Asian session as the pair orbited the 29563.20 level, representing the 76.4% retracement of the depreciating range from 31050 to 24750.   Selling pressure recently emerged around the 30800 level, and profit-taking saw BTC/USD depreciate to the 29539.57 area, representing a test of the 23.6% retracement of the appreciating range from 24750 to 38000.   Stops were recently elected above the 30127.80 area during the ongoing appreciation, an upside price objective associated with historical buying pressure that emerged around the 15460 and 19568.52 areas.  Stops were also triggered above additional upside price objectives around the 29068, 29159, 29458, 30088, 30200, 30292, and 30477 levels.  Additional upside price objectives include the 31488, 31737, 32125, and 33569 areas. 

Stops are cited above additional upside price objectives around the 31674, 32043, 34531, and 34658 areas.  Following recent upside price activity, areas of technical support and potential buying pressure include the 29372, 29488, 27775, 27061, 26177, and 26044 areas.  Technicians are closely watching to see how much technical support develops around the 28095.44 area, representing the 23.6% retracement of the historical depreciating range from 69000 to 15460.  Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above 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 50-bar MA (4-hourly) at 27102.91 and the 50-bar MA (Hourly) at 29761.63.

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 Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above 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.