BTC/USD Gains After 29427 Test: Sally Ho’s Technical Analysis
• Bitcoin (BTC/USD) worked to stay above the 30000 figure early in the Asian session.
• The pair experienced month-ending volatility, which saw a rapid depreciation to the 29417.14 area, representing a test of the 38.2% retracement of the appreciating range from 26165.98 to 31443.67 .
• BTC/USD notched a June gain of approximately 11.9%, and the pair is now up approximately 83.5% year-to-date.
Bitcoin Price Movement
Bitcoin (BTC/USD) has been working to remain above the 30000 figure early in the Asian session as it encountered month-ending volatility that saw a rapid depreciation to the 29417.14 area, representing a test of the 38.2% retracement of its appreciating range from 26165.98 to 31443.67 . This quick downward move followed after BTC/USD spiked higher to 30277, its strongest print in several trading sessions, and opens up a possible test of 28604.83 area support level.
June Gains & YTD Performance
BTC/USD notched a June gain of approximately 11.9%, and is now up approximately 83.5% year-to-date following its recent print around 31443.67 , which was a twelve-month high and test of an upside price objective associated with buying pressure that strengthened around 26637 area.. Additional upside price objectives include 31737, 32125, and 33569 areas while stops are cited above additional upside price objectives around 31674 , 32043 , 34531 , and 34658 areas respectively .
Areas Of Technical Support & Buying Pressure
Following recent selling pressure , areas of potential technical support and buying pressure include 29863 , 29427 , 28886 , 28804 , 28182 , 28096 ,and 27306 areas respectively while Stops were also recently triggered above additional upside price objectives around 29068, 29159, 29458, 30088, 30200, 30292, and 30477 levels .
Moving Averages Indicators
Technicians are closely watching how much technical support develops around 28095 area as it represent 23.6% retracement of its historical depreciating range from 69000 to 15460 . Traders are observing that 50-bar moving average (4 hourly) is bullishly indicating above 100-bar MA(4 hourly) & 200-bar MA(4 hourly). Similarly 50 bar MA(hourly) is bullishly indicating above 100 bar MA(hourly) & 200 bar MA(hourly). Price activity is currently nearest 50 bar MA (4 hourly ) at 30456 & 50 bar MA (Hourly ) at 30515 respectively .
In conclusion Technical resistance is expected near 31986 / 32989 / 34658 with stops expected above while Technical Support is expected near 24440 / 23270 / 22769 with stops expected below . 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