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BTC/USD Bearish Sentiment Expanding: Sally Ho’s Technical Analysis – 22 July 2023
Bitcoin (BTC/USD) encountered elevated downside risks early in the Asian session as the pair has been increasingly unable to sustain recent gains above the 30000 figure. Bears absorbed the 30183.73 level during the ongoing pullback, a level that represents the 23.6% retracement of the appreciating range from 24750 to 31862.21. Stops were elected below the 30172, 30095, 30018, 29922, and 29768 areas during the depreciation, downside price objectives associated with selling pressure around the 30421.29 and 30281.68 areas. Additional downside price objectives include the 29403, 29089, 28775, 28386, and 27757 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 related to this level 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 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 200-bar MA (4-hourly) at 29685.25 and the 50-bar MA (Hourly) at 29992.93.
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 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.