Bitcoin Price Analysis: Bears Targeting 27242 - 12 May 2023

Bitcoin Price Analysis:  Bears Targeting 27242 - 12 May 2023

BTC/USD Bears Targeting 27242:  Sally Ho’s Technical Analysis – 12 May 2023

Bitcoin (BTC/USD)
awaited technical clarity early in the Asian session as the pair experienced heightened volatility after an acute depreciation to the 26800 level, its largest hourly decline since late April.  Stops were elected below the 27796, 27634, 27472, 27271, and 26947 levels during the rapid decline, short-term downside price objectives associated with selling pressure that intensified around the 28322.10 and 28027.87 areas.  A short-term recovery to the 27647.82 area was reversed and BTC/USD was pushed lower to the 27302.09 area after Stops were elected below the 27493, 27445, 27397, and 27338 areas, downside price objectives related to selling pressure that strengthened around the 27561.12 area.  Stops are cited below the 27242 area and above the 31846.88 area.

Upside retracement levels in recent depreciating ranges include the 28428, 28564, 28700, 28741, 28868, 29243, and 29299 areas.  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.   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 100-bar MA (hourly) and below the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 28404.61 and the 50-bar MA (Hourly) at 27646.81.

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 Bullishly above 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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