BTC/USD Elevated Volatility After 31055:  Sally Ho’s Technical Analysis – 12 July 2023

Bitcoin (BTC/USD) sought new technical guidance early in the Asian session as the pair was again orbiting the 30407 area following volatile trading activity, a level that represents the 38.2% retracement of the depreciating range from 31525.10 to 29715.87.   During a rapid appreciation, Stops were elected above the 30833.97 area that represents the 61.8% retracement of the depreciating range.  Traders pushed BTC/USD as high as the 31055.75 area during the climb, representing a test of the 78.6% retracement of the same depreciating range.   Recent selling pressure expanded around the 31142.38 area and this increases the risk of another test of the 29427 area, representing the 38.2% retracement of the broader appreciating range from 26165.98 to 31443.67.   Below that area, the 28604.83 level represents the 50% retracement of that appreciating range. 

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 29427, 28886, 28804, 28182, 28096, and 27306 areas.   Technicians will closely monitor trading activity around the 28095.44 area, representing the 23.6% retracement of the historical depreciating range from

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Author: Sally Ho

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