BTC/USD Tests 22659: Sally Ho’s Technical Analysis – 13 September 2022
Bitcoin (BTC/USD) worked to sustain recent upside gains early in the Asian session as the pair traded as high as the 22490.05 area, a move to multi-week highs that represented a test of the 61.8% retracement of the depreciating range from 25214.57 to 18527. Stops were elected above the 21870.79 area during the climb, representing the 50% retracement of the same depreciating range. Stops were recently elected above a series of upside retracement levels including the 19807, 20105, 20202, 20597, 21081, and 21160 levels, and related upside retracement levels include the 21870, 22659, 23636, and 23783 areas. Above recent price activity, upside retracement levels in the depreciating range from 31549.21 to 17567.45 include the 26208, 28249, and 28557 areas. Additional upside price objectives and areas of potential selling pressure include the 25552, 26323, 26411, 26901, 27126, 27455, 28426, and 29669 areas.
BTC/USD failed to sustain a short-lived break above the 24558.33 level during the month of August, an area that represents the 50% of the depreciating range from 31549.21 to 17567.45. Below current price activity. traders continue to anticipate large Stops below the 17803, 17701, 16966, and 16503 areas, significant technical levels related to historical upside pressure around the 3858 and 9819 areas. Following the recent selling pressure, additional significant technical areas on the downside include the 16990.14, 14500.15, and 10432.73 areas. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 21545.27 and the 50-bar MA (Hourly) at 21736.57.
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 Bullishly above 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/2022/09/bitcoin-price-analysis-btc-tests-22659-13-september-2022