Bitcoin Price Analysis: New 2022 Low

BTC/USD Acute Volatility:  Sally Ho’s Technical Analysis – 10 November 2022

Bitcoin (BTC/USD) remained extremely volatile early in the Asian session as the pair extended its sharp depreciation that has seen many Stops elected in the decline to 17500, its weakest print in 2022.  Additional Stops were elected below the 19324, 19262, 18921, and 18847 levels during the acute move lower, and larger selling pressure intensified below the 17803 and 17701 areas, significant technical levels related to historical upside pressure around the 3858 and 9819 levels.  Additional downside levels related to these historic appreciating ranges include the 16966 and 16503 levels.  Traders lifted BTC/USD to the 20672.44 level before it came off, an area that represents the 61.8% retracement of the recent depreciating range from 21478.80 to 19344.75.

Additional significant technical areas on the downside include the 16990.14, 14500.15, and 10432.73 areas.  Above the market, additional upside retracement levels in depreciating ranges from the 48240, 32371, and 25214.57 levels include the 22508, 23542, 23579, 23698, 25236, 25251, and 26931 areas.  Following the recent move lower, areas of potential technical resistance include the 19019, 19489, 19958, 20539, and 20627 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 19856.13 and the 50-bar MA (Hourly) at 20066.89.

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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below 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.