Bitcoin Price Analysis: 29298 for Bulls and Bears - 7 May 2023

Bitcoin Price Analysis:  29298 for Bulls and Bears - 7 May 2023

BTC/USD Stops Elected Below 29165:  Sally Ho’s Technical Analysis – 7 May 2023

Bitcoin (BTC/USD)
extended its recent depreciation early in the Asian session as the pair reached the 29051.99 area following selling pressure around the 29850 area that was encountered after Stops were elected above an upside price objective around the 29803.05 area.  Significant buying and selling activity took place around the 29298.31 area during the depreciation, an upside price objective linked to buying pressure that intensified around the 28122 area.  Related upside price objectives include the 28733, 28481, and 28169 levels.  During the move lower, strong buying pressure emerged around the 29166.26 area, representing a test of a downside price objective around the 29165.90 area that is associated with selling pressure that strengthened around the 29466.76 area.  Related downside price objectives include the 28743, 28481, and 28059 levels.

Above the market, upside price objectives relate to recent buying pressure around the 27194.51 and 28161.74 areas include the 30420.74, 31237.11, and 32556.73 levelsDownside price objectives related to recent depreciating ranges and levels include the 26533, 26085, 25604, and 24103 levels.  Additional upside price objectives include the 31477.37, 32501.23, 32989.19, 34583.96, 34658.69, 35222.66, 37765.28, and 38403.97 levels.   Another important price objective is the 31846.88 area, a level that represents the 50% retracement of the depreciating range from 48233.76 to 15460.   Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bullishlly 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 28963.01 and the 100-bar MA (Hourly) at 28943.33.

Technical Support is expected around 26533.04/ 25604.51/ 25094.62 with Stops expected below.

Technical Resistance is expected around 31986.16/ 32989.19/ 34658.69 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: 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.

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