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BTC/USD Escalates to 27556: Sally Ho’s Technical Analysis – 16 May 2023
Bitcoin (BTC/USD) maintained some upward momentum early in the Asian session as the pair moved back above the 27000 area and reached the 27556.40 level, representing a test of a previous downside price objective associated with selling pressure that emerged around the 28334.75 level. Stops were elected above the 27353.28 level, representing the 38.2% retracement of the depreciating range from 29850 to 25810. Stops were recently elected below the 27145, 27108, 26765, 26729, 26380, 26309, and 26203 levels during the recent depreciation, downside price objectives related to recent selling pressure around the 30500, 30050, 29850, 28334, and 27647 levels. Related downside price objectives include the 25474, 25442, 25124, 24705, 24440, 23208, and 22769 levels. Following recent price activity, areas of technical resistance and potential selling pressure include the 28011, 28591, 29171, 29889, and 29997 levels.
Upside retracement levels in recent depreciating ranges include the 28428, 28564, 28700, 28741, 28868, 29243, and 29299 areas. Above the market, upside price objectives related to recent buying pressure around the 27194.51 and 28161.74 areas include the 30420.74, 31237.11, and 32556.73 levels. Additional downside price objectives related to recent depreciating ranges and levels include the 26085, 25604, and 24103 levels. Additional upside price objectives include the 31477.37, 32501.23, 32989.19, 34583.96, 34658.69, 35222.66, 37765.28, and 38403.97 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 27503.47 and the 200-bar MA (Hourly) at 27554.43.
Technical Support is expected around 25604.51/ 24440.41/ 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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below 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.