Bitcoin

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 BTC/USD Elevated Volatility After 31055:&nbsp; Sally Ho’s Technical Analysis – 12 July 2023 
 Bitcoin (BTC/USD) sought new technical guidance early in the Asian session as the pair was again orbiting the 30407 area following volatile trading activity, a level that represents the 38.2% retracement of the depreciating range from 31525.10 to 29715.87.&nbsp;&nbsp; During a rapid appreciation, Stops were elected above the 30833.97 area that represents the 61.8% retracement of the depreciating range.&nbsp; Traders pushed BTC/USD as high as the 31055.75 area during the climb, representing a test of the 78.6% retracement of the same depreciating range.&nbsp; &nbsp;Recent selling pressure expanded around the 31142.38 area and this increases the risk of another test of the 29427 area, representing the 38.2% retracement of the broader appreciating range from 26165.98 to 31443.67.&nbsp; &nbsp;Below that area, the 28604.83 level represents the 50% retracement of that appreciating range.&nbsp; 
 Additional upside price objectives include the 31737, 32125, and 33569 areas.&nbsp; Stops are cited above additional upside price objectives around the 31674, 32043, 34531, and 34658 areas.&nbsp; Following recent selling pressure, areas of potential technical support and buying pressure include the 29427, 28886, 28804, 28182, 28096, and 27306 areas.&nbsp; &nbsp;Technicians will closely monitor trading activity around the 28095.44 area, representing the 23.6% retracement of the historical depreciating range from 69000 to 15460.&nbsp; Traders are&nbsp;observing&nbsp;that the&nbsp;50-bar MA (4-hourly)&nbsp;is&nbsp;bullishly indicating above the 100-bar MA (4-hourly)&nbsp;and&nbsp;above the&nbsp;200-bar MA (4-hourly).&nbsp; Also, the 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and above the 100-bar MA (hourly). 
 Price activity is nearest the&nbsp;100-bar MA&nbsp;(4-hourly) at 30506.33 and the&nbsp;200-bar MA&nbsp;(Hourly) at 30505.87. 
 Technical Support&nbsp;is expected around&nbsp;24440.41/ 23270.10/ 22769.39 with&nbsp;Stops&nbsp;expected below. 
 Technical Resistance&nbsp;is expected around&nbsp;31986.16/ 32989.19/ 34658.69 with&nbsp;Stops&nbsp;expected above.&nbsp;&nbsp; 
 On&nbsp;4-Hourly&nbsp;chart,&nbsp;SlowK&nbsp;is Bearishly below SlowD&nbsp;while&nbsp;MACD&nbsp;is Bullishly above MACDAverage. 
 On&nbsp;60-minute&nbsp;chart,&nbsp;SlowK&nbsp;is Bullishly above SlowD&nbsp;while&nbsp;MACD&nbsp;is&nbsp;Bearishly below MACDAverage.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 
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 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.
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Bitcoin Price Analysis: Volatility After 31055 - 12 July 2023

Crypto Daily™

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