Bitcoin Price Analysis: Better After 26351 Test

BTC/USD Better After Testing 26351:  Sally Ho’s Technical Analysis – 20 May 2023

Bitcoin (BTC/USD) failed to sustain recent gains early in the Asian session as the pair continued to orbit the 27000 area after trading as low as the 26351 level, representing a test of a downside price objective associated with selling pressure that strengthened around the 28334.75 level.   Upside advances recently fizzled out around the 27516.58 level, representing a test of another downside retracement level linked to recent selling pressure around the 29850 area.   Following recent selling pressure, related downside price objectives include the 26308, 26093, 25885, and 25604 levels.  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 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 27013.81 and the 200-bar MA (Hourly) at 27028.73.

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 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.