BTC/USD Tests 30862 Target:  Sally Ho’s Technical Analysis – 5 July 2023

Bitcoin (BTC/USD) retraced part of its recent pullback early in the Asian session as the pair moved back above the 31000 figure after trading as low as the 30870.63 area, representing a test of a downside price objective related to recent selling pressure around the 31333 and 31097 areas.  The recent sell-off to the 29417.14 area represented a test of the 38.2% retracement of the appreciating range from 26165.98 to 31443.67.  This depreciation occurred after BTC/USD rallied higher to the 30277 area, its strongest print in several trading sessions, and increased the possibility of a test of the 28604.83 area.  The pair’s recent print around the 31443.67 area was a twelve-month high and test of an upside price objective associated with buying pressure that strengthened around the 26637.41 area.  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 selling pressure, areas of potential technical support and buying pressure include the 29863, 29427, 28886, 28804, 28182, 28096, and 27306 areas.   Stops were also recently triggered above additional upside price objectives around the 29068, 29159, 29458, 30088, 30200, 30292, and 30477 levels.    Technicians are cl

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Author: Sally Ho

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