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Bitcoin Price Analysis: 29320 Again Tested – 29 July 2023



Bitcoin (BTC/USD) was confined to a relatively tight range early in the Asian session as the pair ceded gains after reaching the 29320.14 level, representing another test of the upside price objective related to buying pressure around the 28850 and 28981.16 levels.  Traders are monitoring the recent depreciating range from 31862.21 to 28850 with upside retracement levels around the 30000303563071131151, and 31217 areas.  Stops were recently elected above the 29462.90 area, an upside price objective associated with buying pressure around the 28850 and 28981 levels.   Above the market, upside price objectives include the 305263061130762, 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 320433453134658, and 35912 areas. 

Below the market, downside price objectives include the 28213281372775727430273382731226348, 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 283062746626428, 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 200-bar MA (hourly) and above the 100-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 29560.93 and the 50-bar MA (Hourly) at 29316.47.

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.      

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