Bitcoin Price Analysis: Tests 29988 Support

BTC/USD Tests 29988 Support:  Sally Ho’s Technical Analysis – 18 July 2023

Bitcoin (BTC/USD) encountered additional bearish volatility early in the Asian session as the pair was back above the 30000 figure after trading as low as the 29988.22 area, a move that represented a test of the 61.8% retracement of the recent narrow appreciating range from 29715.87 to 30456.   Selling pressure emerged right around the 30456 area where selling pressure recently emerged before BTC/USD launched higher to the 31862.21 level.  Stops were elected below the 31003.83, 30739.19, 30474.55, and 30147.11 areas during the recent quick depreciation, downside price objectives linked to recent selling pressure around the 31862.21 and 31376.52 areas.  Upside price objectives include the 32125 and 33569 areas, and Stops are cited above additional upside price objectives around the 32043, 34531, and 34658 areas. 

Following recent trading activity, areas of technical support and potential buying pressure include the 29920, 29108, 28275, 27443, 26413, and 26257 levels.  Upside price objectives related to historical buying activity include the 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 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 30500.53 and the 50-bar MA (Hourly) at 30298.97.

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.