Bitcoin

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 BTC/USD Bears Eye 29592 Pain:&nbsp; Sally Ho’s Technical Analysis – 19 July 2023 
 Bitcoin (BTC/USD) encountered additional downside pressure early in the Asian session as the pair continued to trade below the 30000 figure after selling pressure intensified around the 30297.51 level following a rebound from its weakest print in July.&nbsp;&nbsp; Traders pushed BTC/USD as low as the 29668.58 area after Stops were elected below the previous monthly low around the 29715 area.&nbsp; The brief rebound to the 30291 level represented a test of the 23.6% retracement of the recent narrow appreciating range from 29715.87 to 30456.&nbsp; Significant Stops are cited below the 29592.63 area that is related to recent selling pressure that strengthened around the 31862.21 and 31376.52 areas. &nbsp;&nbsp;Following recent trading activity, areas of technical support and potential buying pressure include the 29108, 28275, 27443, 26413, and 26257 levels. &nbsp; 
 Below current price activity, the 28095.44 area represents the 23.6% retracement of the historical depreciating range from 69000 to 15460. &nbsp;Upside price objectives include the 32125 and 33569 areas, and Stops are cited above additional upside price objectives around the 32043, 34531, 34658, and 35912 areas.&nbsp; Traders are&nbsp;observing&nbsp;that the&nbsp;50-bar MA (4-hourly)&nbsp;is&nbsp;bearishly indicating below 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 100-bar MA (hourly) and below the 200-bar MA (hourly). 
 Price activity is nearest the&nbsp;200-bar MA&nbsp;(4-hourly) at 29442.03 and the&nbsp;50-bar MA&nbsp;(Hourly) at 30169.73. 
 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 Bearishly below MACDAverage. 
 On&nbsp;60-minute&nbsp;chart,&nbsp;SlowK&nbsp;is Bearishly below 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: Bears Eye 29592 Pain - 19 July 2023

Crypto Daily™

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