Bitcoin (BTC/USD) extended its recent run of downward price pressure early in the Asian session as the pair weakened to its lowest print since late February. BTC/USD bears knocked the pair as low as the 35255.40 area, a level that represented a test of the 23.6% retracement of the depreciating range from 44000 to 32648.97. Significant Stops were recently elected below the 37450, 37151, 36758, 36545, 36351, 36208, 35995, 35842, and 35775 areas, downside price objectives related to selling pressure that originated around the 47469, 47200, 48240, and 43443 levels. Additional downside price objectives include the 35083, 34693, 34387, 34047, 33788, 33526, 33098, and 32648 areas.
Recent price activity has seen BTC/USD trade below the 38780.48 area, a level that represents the 61.8% retracement of the appreciating range from 32933.33 to 48240. Recent relative lows have also been below the 39600 area, an upside price objective related to historical buying pressure that emerged around the 29301.56 area. 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 38098.38 and the 50-bar MA (Hourly) at 36887.89.
Technical Support is expected around 35083.32/ 34693.60/ 33526.01 with Stops expected below.
Technical Resistance is expected around 48574.70/ 50966.67/ 51595.38 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 Bullishly above MACDAverage.
Disclaimer: This trading 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/2022/05/btc-usd-probing-multi-month-lows-sally-ho-technical-analysis-8-may-2022-btc-bitcoin