Bitcoin
Bitcoin Price Analysis: 29403 Technicals Tested – 27 July 2023
Bitcoin (BTC/USD) awaited fresh technical guidance early in the Asian session as the pair encountered buying pressure around the 29089.54 area, representing a test of a recent price objective associated recent upside activity around the 28850 and 28981.16 levels.
Bullish momentum pushed BTC/USD higher to the 29402.80 level, representing a test of a recent downside price objective linked to recent downside activity around the 30421.29 and 29851.28 levels. Related downside price objectives include the 28775, 29386, and 27757 levels.
Additional downside price objectives include the 28213, 28137, 27757, 27430, 27338, 27312, 26348, and 26199 levels. Below current price activity, 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. 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.
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 29733.89 and the 50-bar MA (Hourly) at 29173.21.
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 Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
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