BTC/USD Concluding a Volatile Month: Sally Ho’s Technical Analysis – 31 May 2023
Bitcoin (BTC/USD) experienced elevated volatility early in the Asian session as the pair orbited the 28000 figure after reaching the 28057.23 level, representing a test of the 50% retracement of the recent depreciating range from 28473.93 to 27681.99. Stops were elected below the 27825.33 area during a pullback, right around the 61.8% retracement of the recent appreciating range from 27681.99 to 28057.23. Following recent price activity, areas of technical resistance and potential selling pressure include the 29048, 29143, and 29813 levels. Upside retracement levels in recent depreciating ranges include the 28700, 28741, 28868, 29243, 29299, and 29284 levels. Above the market, upside price objectives include the 30420.74, 31237.11, 31477.37, 32501.23, 32556.73, 32989.19, 34583.96, 34658.69, 35222.66, 37765.28, and 38403.97 levels.
Some recent technical support emerged around the 200-bar, 4-hourly simple moving average. Technical buying pressure has recently been steady around the 26641 area, a downside price objective also linked to the 27678.73 area. Downside price objectives associated with the 28334.75 and 27647.82 levels include the 25604.43 and 25124.80 levels. Additional downside price objectives include the 25474, 25442, 24705, 24440, 23208, and 22769 levels. 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 200-bar MA (4-hourly) at 27714.83 and the 50-bar MA (Hourly) at 27443.73.
Technical Support is expected around 25604.51/ 24440.41/ 22769.39 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above 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.