BTC/USD 26435 Technical Pressure: Sally Ho’s Technical Analysis – 14 June 2023
Bitcoin (BTC/USD) attempted to add to recent gains early in the Asian session as the pair reached the 26435.81 area before encountering profit-taking, representing a test of a recent downside price objective associated with selling pressure that intensified around the 27128.50 area. Buying pressure had remained strong following technical bids that strengthened around the 25650 area, representing a test of the 76.4% retracement of the recent short-term appreciating range from 25474.89 to 26219.10. 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 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 24705, 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 26251.51 and the 100-bar MA (Hourly) at 26068.63.
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 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/2023/06/bitcoin-price-analysis-26435-technical-pressure-14-june-2023