Bitcoin Price Analysis: 29228 Level Again Tested

BTC/USD Again Tests 29228 Level:  Sally Ho’s Technical Analysis – 31 July 2023

Bitcoin (BTC/USD) worked to maintain a minor bid early in the Asian session as the pair traded back above the 29318.26 level after trading as low as the 29230 area, representing another test of an upside price objective associated with buying pressure around the 28850 and 28981.16 levels.   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.  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. 

Below the market, downside price objectives include the 28213, 28137, 27757, 27430, 27338, 27312, 26348, and 26199 levels.   Also, 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.  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 29450.97 and the 100-bar MA (Hourly) at 29302.37.

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 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.