Bitcoin Price Analysis: Bears Eyeing 29477 Pain

BTC/USD 29477 Increasingly at Risk:  Sally Ho’s Technical Analysis – 24 July 2023

Bitcoin (BTC/USD) continued to lack conviction early in the Asian session as the pair remained below the 30000 figure and orbited the 29922.87 area, a downside price objective associated with recent selling pressure around the 30421 and 30281 levels.  The 29477.92 area remains highly at risk of being absorbed by selling pressure as BTC/USD has twice tested this previous upside price objective after trading as high as the 31862.21 level.  Related previous price objectives that are technically significant include the 28937, 28845, 28213, 28137, 27430, 27338, 27312, 26348, and 26199 levels.  Additional downside price objectives include the 29403, 29089, 28775, 28386, and 27757 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 above 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 200-bar MA (4-hourly) at 30011.17 and the 50-bar MA (Hourly) at 29884.81.

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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below 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.