Bitcoin (BTC/USD) extended its recent sharp slide early in the Asian session as the pair depreciated to its weakest level since July 2021, trading as low as the 29735.05 area. Stops were elected below several price objectives and downside retracement levels, including the 32648, 32246, 31942, 31717, 31115, 30943, and 30435 areas. These downside targets are related to selling pressure that strengthened around the 44000, 47200, 69000, 48240, and 47469.40 levels. Ongoing negative technical sentiment worsened after Stops were elected below a range of technical levels over the past couple of weeks from the 37450 level through the 33098 area.
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. Significant selling pressure hastened around the 31717, 31364, and 31289 areas, upside technical price objectives and retracement levels related to historical buying pressure around the 3858 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 36506.62 and the 50-bar MA (Hourly) at 33415.28.
Technical Support is expected around 29301.56/ 28732.00/ 27455.20 with Stops expected below.
Technical Resistance is expected around 40100.93/ 41570.88/ 43443.32 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 Bullishly above SlowD while MACD is Bearishly below 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-sharply-sinks-to-lowest-level-since-july-sally-ho-technical-analysis-11-may-2022-btc-bitcoin