Bitcoin Price Analysis: 28394 Buying Pressure

BTC/USD Trades Above 29686:  Sally Ho’s Technical Analysis – 8 May 2023

Bitcoin (BTC/USD) sought to add to recent gains early in the Asian session as the pair traded as high as the 29033.95 level after buying pressure emerged around the 28742.27 area, a test of an upside price objective related to demand that strengthened around the 28122 area.   During the recent depreciation, bears pushed BTC/USD as low as the 28394 area after Stops were elected below the 28481.31 level, a related previous upside price objective.   Significant buying and selling activity also took place around the 29298.31 area during the depreciation, an upside price objective linked to the same buying pressure that expanded around the 28122 area. 

Above the market, upside price objectives relate to recent buying pressure around the 27194.51 and 28161.74 areas include the 30420.74, 31237.11, and 32556.73 levels.  Downside price objectives related to recent depreciating ranges and levels include the 26533, 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.   Another important price objective is the 31846.88 area, a level that represents the 50% retracement of the depreciating range from 48233.76 to 15460.   Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bullishlly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 28924.21 and the 200-bar MA (Hourly) at 28933.63.

Technical Support is expected around 26533.04/ 25604.51/ 25094.62 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.