BTC/USD Lifted to 27768: Sally Ho’s Technical Analysis – 10 May 2023
Bitcoin (BTC/USD) sought additional upside momentum early in the Asian session as the pair reached the 27768.37 area after buying pressure emerged around the 27279.66 area, its weakest print since late April. Demand emerged around the 27455.01 area during the climb, representing a test of the 61.8% retracement of the short-term appreciating range from 27279.66 to 27768.37. The move higher to the 27686.67 area represented a test of the 23.6% retracement of the recent depreciating range from 29139.22 to 27279.66. Additional upside retracement levels in recent depreciating ranges include the 27930, 27990, 28117, 28209, 28261, 28428, 28564, 28700, 28741, 28868, 29243, and 29299 areas. Significant buying and selling activity recently took place around the 29298.31 area during the depreciation, an upside price objective linked to buying pressure that increased around the 28122 area.
Above the market, upside price objectives relate to recent buying pressure around the 27194.51 and 28161.74 areas include the 30420.74, 31237.11, and 32556.73 levels. Downside price objectives related to recent depreciating ranges and levels include the 26533, 26085, 25604, and 24103 levels. Additional upside price objectives include the 31477.37, 32501.23, 32989.19, 34583.96, 34658.69, 35222.66, 37765.28, and 38403.97 levels. Another important price objective is the 31846.88 area, a level that represents the 50% retracement of the depreciating range from 48233.76 to 15460. 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 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 28476.09 and the 50-bar MA (Hourly) at 28121.71.
Technical Support is expected around 26533.04/ 25604.51/ 25094.62 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 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/2023/05/bitcoin-price-analysis-lifted-from-27279-10-may-2023