BTC/USD 4% Pullback in July:  Sally Ho’s Technical Analysis – 1 August 2023

Bitcoin (BTC/USD) awaited fresh technical guidance early in the Asian session as the pair continued to trade below the 30000 figure after peaking around the 31862.21 area in July.   The market depreciated approximately 4% in the month of July and has appreciated nearly 76% year-to-date.  Following recent selling pressure around the 29526.99 area, downward pressure increased around the 29469.84 area, right around a previous upside price objective associated with buying pressure around the 28850 and 28981.16 levels.   Stops were elected below the 29259.93 area during the depreciation, a downside price objective related to recent selling pressure.  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 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 ob

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Author: Sally Ho

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