Bitcoin

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 BTC/USD Tests 29988 Support:&nbsp; 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.&nbsp; &nbsp;Selling pressure emerged right around the 30456 area where selling pressure recently emerged before BTC/USD launched higher to the 31862.21 level.&nbsp; 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.&nbsp; 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.&nbsp; 
 Following recent trading activity, areas of technical support and potential buying pressure include the 29920, 29108, 28275, 27443, 26413, and 26257 levels. &nbsp;Upside price objectives related to historical buying activity include the 32043, 34531, 34658, and 35912 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;Downside price objectives related to recent selling pressure include the 29849 and 29331 levels.&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;50-bar MA&nbsp;(4-hourly) at 30500.53 and the&nbsp;50-bar MA&nbsp;(Hourly) at 30298.97. 
 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 Bullishly above SlowD&nbsp;while&nbsp;MACD&nbsp;is Bearishly below MACDAverage. 
 On&nbsp;60-minute&nbsp;chart,&nbsp;SlowK&nbsp;is Bullishly above SlowD&nbsp;while&nbsp;MACD&nbsp;is&nbsp;Bullishly above 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: Tests 29988 Support - 18 July 2023

Crypto Daily™

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