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BTC/USD Sputtering Below 40000: Sally Ho's Technical Analysis 7 May 2022 BTC

BTC/USD Sputtering Below 40000:  Sally Ho's Technical Analysis 7 May 2022 BTC

Bitcoin (BTC/USD) continued to suffer from weak technical sentiment early in the Asian session as the pair continued to languish well below the psychologically-important 40000 figure following acute selling pressure that slowed around the 35568 area.  Significant Stops were 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 35327, 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 200-bar MA (hourly) and above the 100-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 38599.44 and the 100-bar MA (Hourly) at 38481.74.

Technical Support is expected around 35327.81/ 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 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.