BTC/USD 28095 Remains Pivotal: Sally Ho’s Technical Analysis – 26 July 2023
Bitcoin (BTC/USD) remained pressured early in the Asian session as the pair glided higher from the 29046 level and reached the 29278.23 area after Stops were elected above the 29228.77 area, an upside price objective associated with buying pressure around the 28850 and 28981 levels. Buying pressure emerged around the 29092.07 area during a pullback, deriving technical support just above a related price objective around the 29084 area. After recently trading as high as the 30350.70 area, BTC/USD rapidly depreciated to the 28973.24 area. Stops were elected below the 29403 and 29089 levels during the acute depreciation, downside price objectives linked to recent selling pressure around the 30421.29 and 29851.28 levels. Related downside price objectives include the 28775, 29386, and 27757 levels. Additional downside price objectives include the 28213, 28137, 27757, 27430, 27338, 27312, 26348, and 26199 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 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 below 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 50-bar MA (4-hourly) at 29835.43 and the 50-bar MA (Hourly) at 29488.31.
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 Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above 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.
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