---
title: "Bitcoin Price Analysis: Tests 29988 Support"
url: https://diffcoin.com/bitcoin-price-analysis-tests-29988-support/
description: "BTC/USD Tests 29988 Support: Sally Ho’s Technical Analysis – 18 July 2023 Bitcoin (BTC/USD) encountered additional bearish volatility early in the Asian…"
published: 2023-07-17
updated: 2023-07-17
author: "Mila"
site: "Diffcoin"
---

# Bitcoin Price Analysis: Tests 29988 Support

**BTC/USD Tests 29988 Support: Sally Ho’s Technical Analysis – 18 July 2023**

Bitcoin (BTC/USD) encountered additional **bearish volatility** early in the **Asian** session as the pair was back **above** the **30000 figure** after trading as **low** as the **29988.22** area, a move that represented a **test** of the **61.8% retracement** of the recent narrow **appreciating range** from **29715.87** to **30456**. **Selling pressure** emerged right around the **30456** area where **selling pressure** recently emerged before **BTC/USD** launched **higher** to the **31862.21 level**. **Stops** were **elected below** the **31003.83**, **30739.19**, **30474.55**, and **30147.11** areas during the recent quick **depreciation**, **downside price objectives** linked to recent **selling pressure** around the **31862.21** and **31376.52** areas. **Upside price objectives** include the **32125** and **33569** areas, and **Stops** are cited **above** additional **upside price objectives** around the **32043**, **34531**, and **34658** areas.

Following recent trading activity, areas of **technical support** and potential **buying pressure** include the **29920**, **29108**, **28275**, **27443**, **26413**, and **26257 levels**. **Upside price objectives** related to historical **buying** activity include the **32043**, **34531**, **34658**, and **35912 levels**. **Below** current price activity, the **28095.44** area represents the **23.6% retracement** of the **historical depreciating range** from **69000** to **15460**. **Downside price objectives** related to recent **selling pressure** include the **29849** and **29331 levels**. 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 **30500.53** and the **50-bar MA** (Hourly) at **30298.97**.

**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 **Bearishly below MACDAverage.**

On **60-minute** chart, **SlowK** is **Bullishly above SlowD** while **MACD** is **Bullishly above MACDAverage**.

*Disclaimer: Sally Ho’s Technical Analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.*

[Source link](https://www.cryptodaily.co.uk/2023/07/bitcoin-price-analysis-tests-29988-support-18-july-2023)