BTC/USD 25604 Selling Pressure: Sally Ho’s Technical Analysis – 17 June 2023
Bitcoin (BTC/USD) encountered selling pressure early in the Asian session as the pair tumbled to the 25143.24 area after technical selling pressure emerged around the 25604.52 level, a previous downside price objective linked to selling pressure in mid-May. The pair’s depreciation slowed when BTC/USD tested the 61.8% retracement of the recent short-term appreciating range from 24750 to 25749.99. Large Stops are cited below the 24660 and 24568 levels, and bears are eyeing the 23196.08 area as a significant downside price objective. Above the market, Stops are cited above the 26544, 26912, 27281, 27737, and 27805 levels. Below the market, downside price objectives include the 25323.24 and 24680.87 levels. Notably, the 25309.26 area represents the 50% retracement of the appreciating range from 19568.52 to 30825.30. Stops are also cited below major retracement levels linked to the 19568.52 and 15460 levels, including the 25094, 23954, 23255, 22278, 22025, 21415, 19139, and 18796 areas.
Additional downside price objectives include the 24440, 23208, and 22769 levels. Following recent price activity, areas of technical resistance and potential selling pressure include the 27528, 27737, 27805, 28200, 28473, and 28873 levels. Upside retracement levels in recent depreciating ranges include the 28700, 28741, 28868, 29243, 29299, and 29284 levels. 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. 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 50-bar MA (4-hourly) at 25915.19 and the 50-bar MA (Hourly) at 25347.23.
Technical Support is expected around 24440.41/ 23270.10/ 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 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.
Source: https://cryptodaily.co.uk/2023/06/bitcoin-price-analysis-25604-selling-pressure-17-june-2023