BTC/USD Stops Elected Above 30354:  G. Allan Collinsl Analysis – 21 July 2023

Bitcoin (BTC/USD) sought to add to recent gains early in the Asian session as the pair reached the 30421.29 area after Stops were elected above the 30196.25 and 30354.83 areas, an upside price objective related to buying pressure that emerged around the 29757.44 area.  Additional upside price objectives related to this level 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. 

Following recent upside activity, areas of technical support and potential buying pressure include the 29145, 28306, 27466, 26428, and 26272 levels.  Below current price activity, the 28095.44 area represents the 23.6% retracement of the historical depreciating range from 69000 to 15460.   Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and above 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 30369.61 and the 100-bar MA (Hourly) at 30090.97.

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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.