Bitcoin Price Analysis: 17231 Hurdle

BTC/USD Seeks More Gains:  Sally Ho’s Technical Analysis – 17 November 2022

Bitcoin (BTC/USD) attempted to add to its recent light gains early in the Asian session as the pair continued to eye the 17231.97 area as an important technical level, representing the 23.6% retracement of the depreciating range from 22800 to 15512.  Traders seek fresh technical guidance as BTC/USD has oscillated around the 16920.16 area for several trading sessions, a level that represents the 23.6% retracement of the recent depreciating range from 21478.80 to 15512.  The recent low around the 15512 area following the massive sell-off represents an exact downside price objective associated with recent selling pressure that intensified around the 21478.80 and 18495.50 areas.  This technical significance of this price objective that eventually served as the exact relative two-year low during the ongoing move was validated when Stops were elected below corresponding downside price objectives at the 17573.96 and 16651.45 areas.  Associated downside price objectives below current price activity include the 13369, 8837, and 7538 levels. 

The recent depreciation intensified after Stops were elected below the 16990, 16966, and 16503 levels, areas associated with historical appreciating ranges that commenced around the 3858 and 9819 levels.   Technicians continue to eye the 14500.15 and 10432.73 areas as major downside targets.  Additional downside price objectives include the 14613, 10727, and 9682 levels, areas that are related to selling pressure that intensified around the 20894.96 and 18495.50 areas.  Following the recent move lower to two-year lows, areas of potential technical resistance include the 17791, 18495, 19199, 20070, and 20201 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 below the 200-bar MA (hourly).

Price activity is nearest the 100-bar MA (4-hourly) at 16696.17 and the 50-bar MA (Hourly) at 17470.53.

Technical Support is expected around 15512/ 13369.11/ 10727.75 with Stops expected below.

Technical Resistance is expected around 18495.40/ 19199.48/ 20070.64 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 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.