Bitcoin Price Analysis: 20805 Headwinds

BTC/USD Gives Back Recent Gains:  Sally Ho’s Technical Analysis – 4 November 2022

Bitcoin (BTC/USD) gave back some recent gains early in the Asian session as the pair drifted lower and closer to the psychologically-important 20000 figure after strong selling pressure emerged around the 20805 area.   Traders elected Stops as they lifted BTC/USD to this level, representing a test of the 61.8% retracement of the depreciating range from 21080 to 20237.  Buying pressure emerged around the 20055 area during the pullback, right around the 50% retracement of the appreciating range from 18131 to 21080.  Additional retracement levels in the same appreciating range include the 19600, 19039, and 18954 levels, with Stops in place below these areas.

BTC/USD bears observe larger Stops accumulating below the 17803, 17701, 16966, and 16503 areas, significant technical levels related to historical upside pressure around the 3858 and 9819 levels. Additional significant technical areas on the downside include the 16990.14, 14500.15, and 10432.73 areas.  Stops are also accumulating below the 19711 and 19355 areas.  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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).

Price activity is nearest the 100-bar MA (4-hourly) at 19879.23 and the 50-bar MA (Hourly) at 20441.24.

Technical Support is expected around 16990.14/ 14500.15/ 10432.73 with Stops expected below.

Technical Resistance is expected around 25256.96/ 27455.20/ 32383.96 with Stops expected above.  

On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below 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.