BTC/USD 4% Pullback in July: Sally Ho’s Technical Analysis – 1 August 2023
Bitcoin (BTC/USD) awaited fresh technical guidance early in the Asian session as the pair continued to trade below the 30000 figure after peaking around the 31862.21 area in July. The market depreciated approximately 4% in the month of July and has appreciated nearly 76% year-to-date. Following recent selling pressure around the 29526.99 area, downward pressure increased around the 29469.84 area, right around a previous upside price objective associated with buying pressure around the 28850 and 28981.16 levels. Stops were elected below the 29259.93 area during the depreciation, a downside price objective related to recent selling pressure. Below the market, downside price objectives include the 28213, 28137, 27757, 27430, 27338, 27312, 26348, and 26199 levels. Also, the 28095.44 area represents the 23.6% retracement of the historical depreciating range from 69000 to 15460.
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