BTC/USD Bears Absorb 25474 Target: Sally Ho’s Technical Analysis – 7 June 2023
Bitcoin (BTC/USD) extended its recent pullback early in the Asian session as the pair continued to orbit the 25474.18 level, a downside price objective associated with selling pressure that strengthened around the 28334.75 area. Stops were elected below the 25474.18 area by bears as BTC/USD was pushed lower to the 25351.92 area, its weakest print since mid-March. This move lower also represents a test of the 25309.26 area, a level that represents the 50% retracement of the appreciating range from 19568.52 to 30825.30. Stops are cited below major retracement levels linked to the 19568.52 and 15460 levels, including the 25309, 25094, 23954, 23255, 22278, 22025, 21415, 19139, and 18796 areas.
Additional downside price objectives include the 24705, 24440, 23208, and 22769 levels. Following recent price activity, areas of technical resistance and potential selling pressure include the 26088, 26544, 29813, 26696, 26912, 27281, 27528, 27737, 27805, 28200, 28473, and 28873 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. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-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 100-bar MA (4-hourly) at 26904.71 and the 50-bar MA (Hourly) at 26409.93.
Technical Support is expected around 24440.41/ 23270.10/ 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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below 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.