Bitcoin Price Analysis: Orbiting 29560 Technicals - 28 July 2023
Bitcoin (BTC/USD) sought to add to recent gains early in the Asian session as the pair retained a bid after escalating higher to the 29686.41 level following steady upward activity from the 28850 area. Stops were elected above the 29560.88 area during the ascent, representing the 23.6% retracement of the recent depreciating range from 31862.21 to 28850. Additional upside retracement levels in this depreciating range include the 30000, 30356, 30711, 31151, and 31217 areas. Stops were also elected above the 29462.90 area during the ongoing recovery, an upside price objective associated with buying pressure around the 28850 and 28981 levels. Above the market, upside price objectives include the 30526, 30611, 30762, and 31145 areas. Upside price objectives related to other levels of buying pressure include the 32125 and 33569 areas, and Stops are cited above additional upside price objectives around the 32043, 34531, 34658, and 35912 areas.
Below the market, downside price objectives include the 28213, 28137, 27757, 27430, 27338, 27312, 26348, and 26199 levels. Also, the 28095.44 area represents the 23.6% retracement of the historical depreciating range from 69000 to 15460. Following recent upside activity, areas of technical support and potential buying pressure include the 28306, 27466, 26428, and 26272 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 29659.59 and the 100-bar MA (Hourly) at 29413.19.
Technical Support is expected around 24440.41/ 23270.10/ 22769.39 with Stops expected below.
Technical Resistance is expected around 31986.16/ 32989.19/ 34658.69 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.