Bitcoin Price Analysis: Stops Elected Above 29298 - 6 May 2023

BTC/USD Stops Elected Above 29298:  Sally Ho’s Technical Analysis – 6 May 2023

Bitcoin (BTC/USD) worked to advance recent gains early in the Asian session as the pair appreciated to the 29555 area after Stops were elected above the 29489.58 area, representing the 61.8% retracement of the depreciating range from 31050 to 29965.14.  Stops were also elected above the 29298.31 level during the appreciation, an upside price objective associated with buying pressure around the 27664.31 and 28122 levels, and a related upside price objective remains the 29803.05 level.  Stops were also recently elected above the 27929.17, 28525.56, 29007.57, and 29489.58 areas during the appreciation higher, retracement levels associated with the recent depreciating range from 31050 to 26965.14.   

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 levels.  Downside 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 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 28888.63 and the 200-bar MA (Hourly) at 28918.07.

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 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.