BTC/USD Orbiting 30491 Technicals:  Sally Ho’s Technical Analysis – 3 July 2023

Bitcoin (BTC/USD) sought fresh technical guidance 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 31443.67.   The pair’s recent depreciation to the 29417.14 area represented a test of the 38.2% retracement of the appreciating range from 26165.98 to 31443.67.  The decline occurred after BTC/USD spiked higher to the 30277 area, its strongest print in several trading sessions, and increased the possibility of a test of the 28604.83 area.  BTC/USD notched a June gain of approximately 11.9%, and the pair is now up approximately 83.4% year-to-date.  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,

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Author: Sally Ho

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