Bitcoin

BTC/USD 4% Pullback in July:&nbsp; Sally Ho’s Technical Analysis – 1 August 2023 
Bitcoin (BTC/USD) awaited fresh technical guidance early in the Asian session as the pair continued to trade below the 30000 figure after peaking around the 31862.21 area in July.&nbsp;&nbsp; The market depreciated approximately 4% in the month of July and has appreciated nearly 76% year-to-date.&nbsp; Following recent selling pressure around the 29526.99 area, downward pressure increased around the 29469.84 area, right around a previous upside price objective associated with buying pressure around the 28850 and 28981.16 levels. &nbsp;&nbsp;Stops were elected below the 29259.93 area during the depreciation, a downside price objective related to recent selling pressure.&nbsp; Below the market, downside price objectives include the 28213, 28137, 27757, 27430, 27338, 27312, 26348, and 26199 levels.&nbsp; &nbsp;Also, the 28095.44 area represents the 23.6% retracement of the historical depreciating range from 69000 to 15460.&nbsp;&nbsp; 
Following recent upside activity, areas of technical support and potential buying pressure include the 28306, 27466, 26428, and 26272 levels.&nbsp; Traders are monitoring the recent depreciating range from 31862.21 to 28850 with upside retracement levels around the 30000, 30356, 30711, 31151, and 31217 areas.&nbsp; Above the market, upside price objectives include the 30526, 30611, 30762, and 31145 areas.&nbsp; 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.&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;below the&nbsp;200-bar MA (4-hourly).&nbsp; Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly). 
Price activity is nearest the&nbsp;50-bar MA&nbsp;(4-hourly) at 29371.01 and the&nbsp;100-bar MA&nbsp;(Hourly) at 29320.87. 
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 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.

Bitcoin Price Analysis: 4% Pullback in July - 1 August 2023

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