BTC/USD Tests 27500 Level: Sally Ho’s Technical Analysis – 24 May 2023
Bitcoin (BTC/USD) worked to maintain positive momentum early in the Asian session as the pair reached the 27500 level after buying pressure emerged around the 26803.46 area, near a downside price objective linked to selling pressure that intensified around the 27295 level. Stops were elected above the 27455.52 area during the appreciation, a previous downside price objective associated with selling pressure that strengthened around the 28334.75 area. 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 include the 30420.74, 31237.11, 31477.37, 32501.23, 32556.73, 32989.19, 34583.96, 34658.69, 35222.66, 37765.28, and 38403.97 levels.
Following recent selling pressure, additional 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. 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 27028.51 and the 50-bar MA (Hourly) at 27879.37.
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 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.
