BTC/USD Stops Cited Above 30994:  Sally Ho’s Technical Analysis – 30 June 2023

Bitcoin (BTC/USD) sought to extend recent gains early in the Asian session as the pair rallied from the 29885.53 area and reached the 30753.74 area following steady upside activity that intensified around the 30127.80 area, an upside price objective related to buying activity that emerged around the 15460 and 19568.52 areas.  The 50-bar, 4-hourly simple moving average has provided technical support for BTC/USD for a couple trading sessions.   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 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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