Bitcoin Price Analysis: Lower Peaks Bearish - 18 October 2022

BTC/USD Orbiting Technical Levels:  Sally Ho’s Technical Analysis – 18 October 2022

Bitcoin (BTC/USD) continued to orbit key technical levels early in the Asian session as the pair approached the 19232.88 area, representing the 23.6% retracement of the recent depreciating range from 22800 to 18131.  Additional upside retracement levels in this depreciating range include the 19914, 20465, 21016, 21698, and 21800 areas.   Another important depreciating range includes the move lower from 20455.79 to 18131.  The recent series of lower peaks has intensified BTC/USD’s downside risks with larger Stops accumulating below the 17803, 17701, 16966, and 16503 areas, significant technical levels related to historical upside pressure around the 3858 and 9819 levels. Additional significant technical areas on the downside include the 16990.14, 14500.15, and 10432.73 areas.

Following the ongoing depreciation, the 20433 area has emerged as an area of consistent technical resistance that is technically related to selling pressure that commenced around the all-time high of 69000.  Additional upside price objectives and areas of potential selling pressure include the 21574, 22433, 23496, 24577, and 25214 areas.  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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 19258.42 and the 200-bar MA (Hourly) at 19257.60.

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 Bullishly above SlowD while MACD is Bullishly above 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.