BTC/USD Momentum Lacks Conviction:  Sally Ho’s Technical Analysis – 14 July 2023

Bitcoin (BTC/USD) extended recent sideways trading activity early in the Asian session as the pair continued to orbit the 30491.62 area, representing the 50% retracement of the appreciating range from 29539.57 to 31443.67Selling pressure recently intensified around the 31000 figure, a test of the 23.6% retracement of the same appreciating rangeUpside 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 trading activity, areas of technical support and potential buying pressure include the 29926, 29477, 28937, 28845, 28213, 28137, 27430, 27338, 27312, 26348, and 26199 levels

Upside price objectives related to historical buying activity include the 31674, 32043, 34531, 34658, and 35912 levelsBelow current price activity, the 28095.44 area represents the 23.6% retracement of the historical depreciating range from 69000 to 15460.  Downside price objectives related to recent selling pressure include the 29849 and 29331 levels.  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 bullishly indicating above

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Author: Sally Ho

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