BTC/USD Retains Positive Technical Bias at End of July: Sally Ho’s Technical Analysis 31 July 2021 BTC

BTC/USD Retains Positive Technical Bias at End of July:  Sally Ho's Technical Analysis 31 July 2021 BTC

Bitcoin ( BTC/USD) maintained a favorable technical predisposition early in the Asian session as the set looked for to contribute to current upside development following current revolutions around the psychologically-important 40000 figure   Heading into completion of July, current purchasing pressure has actually seen the set test and intensify above the 40638.92 level, a location that represents the 78.6% retracement of the valuing variety from 37371.35 to 52640.35  Stops were just recently chosen above a series of upside rate retracement levels consisting of the 34795, 36209.92, 37960.36, and 38224.14 levels Above current trading varieties, some extra upside retracement levels consist of 40247, 40790, 41064, 41132, and 41509 

Traders observed how BTC/USD powered through the 38236.16 location, representing the 23.6% retracement of the diminishing variety from the life time high of 64899 to 30000  Following the current climb to multi-week highs, drawback rate retracement levels consist of 39770, 37300.26, 35772.37, 34537.50, 33302.63, and 31774.74  Traders are  observing that the  50-bar MA (4-hourly) is  bullishly showing above the 100-bar MA (4-hourly) and  above  the  200-bar MA (4-hourly).   Also, the 200-bar MA (per hour) is bullishly showing above the 100-bar MA (per hour) and above the 200-bar MA (per hour)

Price activity is nearby the  50-bar MA ( 4-hourly) at 34495.44 and the  50-bar MA (Hourly) at 38542.73

Technical Support  is anticipated around  28747.28/ 27706.27/ 27175.66  with Stops anticipated below.

Technical Resistance is anticipated around  46000/ 51569.56/ 64899 with Stops anticipated above.  

On  4-Hourly chart,  SlowK  is Bearishly listed below SlowD while  MACD is Bullishly above MACDAverage.

On  60-minute chart,  SlowK is Bearishly listed below SlowD while  MACD is Bearishly listed below MACDAverage                                                                                                                                               

 

Disclaimer: This trading analysis is supplied by a 3rd party, and for educational functions just. It does not show the views of, nor is it meant to be utilized as legal, tax, financial investment, or monetary suggestions.

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John Lesley/ author of the article

John Lesley is an experienced trader specializing in technical analysis and forecasting of the cryptocurrency market. He has over 10 years of experience with a wide range of markets and assets - currencies, indices and commodities.John is the author of popular topics on major forums with millions of views and works as both an analyst and a professional trader for both clients and himself.

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