BTC/USD Elevated Volatility After 31055: Sally Ho’s Technical Analysis– 12 July 2023
Bitcoin (BTC/USD) experienced a surge in volatility early in the session as it once again approached the 30407 level following inconsistent trading activity. A brief appreciation occurred, with stops selected above 30833.97, representing the 61.8% retracement from the fall ranging from 31525.10 to 29715.87. The climbing BTC/USD triggered market stress, escalating the examination of the 78.6% retracement level from the same fall, peaking at 31142.38. As a result, the risk of another test of the 29427 level, which exemplifies the 38.2% retracement of the wider fall ranging from 26165.98 to 31443.67, increased.
Additional upside targets include the 31737, 32125, and 33569 levels. Further upward targets are also identified at the 31674, 32043, 34531, and 34658 levels. Current market stress indicates potential technical support and resistance levels at 29427, 28886, 28804, 28182, 28096, and 27306. Traders will closely monitor trading activity around the 28095.44 level, which represents the 23.6% retracement of the historical downgrade range from 69000 to 15460.
Technicians have observed that the 50-bar MA (4-hourly) is bullish, surpassing the traders‘ 100-bar MA (4-hourly) and the remaining 200-bar MA (4 hours). However, the 50-bar MA (hourly) is bearish, indicating a potential downturn. The 200-bar MA (hourly) is also above the 100-bar MA (hourly). The key level to watch is the local 100-bar MA (4 hours) at 30506.33, as well as the 200-bar MA at 30505.87. The prices of 24440.41, 23270.10, and 22769.39 are expected below, while hourly prices are anticipated around 31986.16, 32989.19, and 34658.69.
Technical support is anticipated above, while resistance is listed below SlowD and MACD on the 4-hour graph. On the hourly graph, SlowK is over SlowD, while MACD is bullishly listed below MACDAverage.
Disclaimer: The information in this article is provided by a third party and is for educational purposes only. It does not reflect the opinions of nor is it intended as legal, tax, investment, or financial advice.
