BTC/USD Moderates After Ceding Gains: Sally Ho’s Technical Analysis – 29 September 2022
Bitcoin (BTC/USD) gave back recent gains early in the Asian session as the pair was back below the 19000 figure after peaking around the 20383.15 level during its push higher, representing a test of the 50% retracement of the recent depreciating range from 22800 to 18153.13 area. Stops were elected above the 19249 and 19928 levels during the appreciation, representing the 23.6% and 38.2% retracements of the same depreciating range. Additional upside retracement levels in this depreciating range include the 20476, 21024, 21703, and 21805 areas. Buying pressure finally slowed BTC/USD’s descent around the 18487 area. Following recent selling pressure, BTC/USD bears are eyeing a greater risk of a test of the 17567.45 low reached in June. Following the recent sharp decline, the 20433 area has emerged as an area of consistent technical resistance and is technically related to selling pressure that commenced around the all-time high of 69000.
Below current price activity, traders continue to anticipate large Stops below the 17803, 17701, 16966, and 16503 areas, significant technical levels related to historical upside pressure around the 3858 and 9819 areas. Additional significant technical areas on the downside include the 16990.14, 14500.15, and 10432.73 areas. Above recent price activity, upside retracement levels in the depreciating range from 31549.21 to 17567.45 include the 26208, 28249, and 28557 areas. Additional upside price objectives and areas of potential selling pressure include the 25552, 26323, 26411, 26901, 27126, 27455, 28426, and 29669 areas. 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 bullishly 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 19146.28 and the 50-bar MA (Hourly) at 19800.93.
Technical Support is expected around 16990.14/ 14500.15/ 10432.73 with Stops expected below.
Technical Resistance is expected around 25256.96/ 27455.20/ 32383.96 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 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.