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BTC/USD Pressured Below 43000: Sally Ho's Technical Analysis 18 May 2021 BTC

BTC/USD Pressured Below 43000:  Sally Ho's Technical Analysis 18 May 2021 BTC

Bitcoin (BTC/USD) extended recent weakness early in today’s Asian session as the pair depreciated to the 42101 level after trading as high as the 45874.97 level during the North American session, with the interday high representing a test of recent technical support around the 46000 figureStops were elected below the 46000 figure during yesterday’s Asian session and pushed BTC/USD as low as the 42141 area, representing a test of the 78.6% retracement of a historic appreciating range from 36156.45 to 64899.   The previous recent low of 46000 was a test of the 45574 area, representing the 38.2% retracement of the recent appreciating range from 14310 to 64899.   Stops were elected below many downside price objectives related to recent selling pressure around the 59592.20 area, including the 55976, 55123, and 54067 levels.    Larger Stops were recently elected below downside price objectives related to selling pressure that emerged in April at the new all-time high of 64899 and the recent 59592.20 area, including the 52658 and 48877 areas. 

Many technical support levels related to broader historic ranges also gave way during the recent acute move lower including the 51375, 51245, 50527, 48478, 47698, and 47136 areas.  Additional areas of potential technical support include the 41581, 40303, and 39604 areas.  The recent lifetime high of 64899 represented a test of the 64835.59 area, an upside price objective that is technically significant based on buying pressure that emerged around the 16200 area.  During the recent appreciation, significant Stops were elected above multiple upside price objectives including the 61065.64, 61463.38, 61732.54, and 62026.52 areas, levels related to buying pressure that originated around the 9819.83, 17580, and 16200 areas.  Additional upside price objectives include the 66200, 66739.76, 68674.28, and 68973.24 levels, areas related to buying pressure that originated around the 16200, 17580, and 9819.83 levels.  Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and below 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 50-bar MA (4-hourly) at 51992.68 and the 50-bar MA (Hourly) at 46900.28.

Technical Support is expected around 41581/ 40303/ 39604 with Stops expected below.

Technical Resistance is expected around 64899/ 66200/ 66739.76 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: 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.

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