BTC/USD Extends Pullback: Sally Ho’s Technical Analysis – 11 February 2023
Bitcoin (BTC/USD) extended its recent depreciation early in the Asian session as the pair continued to orbit the 21856.82 area that represents the 61.8% retracement of the appreciating range from 20370.01 to 24262.18. Selling pressure recently intensified around the 22832.44 area and drove BTC/USD as low as the 21636.10 area, its weakest print since 20 February 2023. Following selling pressure that strengthened around the 23451.01 area, downside price objectives include the 21439.37 and 20451.22 levels, with large Stops cited below. Following selling pressure that strengthened around the 22832.44 area, downside price objectives include the 21756.86, 20982.96, 20209.06, 19251.53, and 17703.74 areas. The recent surge to the 24262.18 area occurred after Stops were elected above the 24224.60 level, an upside price objective related to buying pressure that emerged around the 15460 and 20370.01 areas.
Upside price objectives related to buying pressure around the 16326.16 area include the 25455, 25774, 27609, and 28004 levels. Upside price objectives related to buying pressure around the 15460 area include the 26612, 26931, 29244, and 29639 levels. Following the recent move higher to multi-month highs, technical support levels and areas of potential buying pressure are around the 22184, 21230, 20294, 19861, 19357, and 18822 levels. Stops are cited below the 18199, 18024, 17537, and 17343 levels. Below current price activity, technically significant areas include the 15900, 15512, 15313, 14500, 14364, 13369, 10727, 10432, 9682, 8837, and 7538 levels. 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 200-bar MA (4-hourly) at 21381.47 and the 50-bar MA (Hourly) at 21077.01.
Technical Support is expected around 18390.99/ 16714.46/ 14500.15 with Stops expected below.
Technical Resistance is expected around 25455.06/ 25774.41/ 26612.64 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.
Source: https://cryptodaily.co.uk/2023/02/bitcoin-price-analysis-circling-21856-11-february-2023