BTC/USD Bulls Stampede to 31525 Before Volatility:  Sally Ho’s Technical Analysis – 7 July 2023

Bitcoin (BTC/USD) attempted to retain recent strong advances early in the Asian session as the pair was lifted to the 31525.10 area, a fresh twelve-month high, after Stops were elected above the 31443.67 area that had represented a recently-established yearly high.  Buying pressure emerged around the 30328.79 area and follow-on technical activity around the 30439.66 and 30575.66 areas accelerated the move.   During a volatile pullback, buying pressure initially emerged around the 31828 level, a move lower to test the 38.2% retracement of the recent appreciating range from 30189.56 to 31525.10.  Stops were eventually elected below the 31014, 30857, and 30699 areas during the eventual profit-taking depreciation, and additional downside retracement levels include the 30504 and 30475 areas.

Above the market, additional upside price objectives include the 31737, 32125, and 33569 areas.  Stops are cited above additional upside price objectives around the 31674, 32043, 34531, and 34658 areas. 
Following recent activity, areas of potential technical support and buying pressure include the 29863, 29427, 28886, 28804, 28182, 28096, and 27306 areas.   Technicians are closely watching to see how much technical support develops around the 28095.44 area, representing the 23.6% retracement of the historical depreciating range from 69000 to 15460

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Author: Sally Ho

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