BTC/USD Tests 25885 Objective:ย Sally Hoโs Technical Analysis โ 26 May 2023
Bitcoinย (BTC) (BTC/USD) sought to moderate early in the Asian session as the pair traded back over the 26000 figure after sinking to the 25864.35 area, a depreciation that represented a test of the 25885.60 area released to selling pressure that resurfaced around the 27678 and 27295 levels.ย ย The move lower likewise represented a test of the 25882.35 area, a downside price objective linked to selling pressure that intensified around the 28334.75 and 27647.82 levels.ย Related downside price objectives include the 25604.43 and 25124.80 levels.ย Additional downside price objectives include the 25474, 25442, 24705, 24440, 23208, and 22769 levels.ย
Following recent price activity, areas of technical resistance and potential selling pressure include the 26810, 27046, 27429, 27811, 28430, 29048, 29143, and 29813 levels.ย Upside retracement levels in recent depreciating ranges include the 26022, 27981, 28095, 28700, 28741, 28868, 29243, 29299, and 29284 levels. Over 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.ย Traders areย observingย that theย 50-bar MA (4-hourly)ย isย bearishly indicating below the 100-bar MA (4-hourly)ย andย below theย 200-bar MA (4-hourly).ย Similarly, 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 theย 50-bar MAย (4-hourly) at 26889.01 and theย 50-bar MAย (Hourly) at 26684.03.
Technical Supportย is expected aroundย 25604.51/ 24440.41/ 22769.39 withย Stopsย expected below.
Technical Resistanceย is expected aroundย 31986.16/ 32989.19/ 34658.69 withย Stopsย expected above.ย ย
Onย 4-Hourlyย chart,ย SlowKย is Bullishly over SlowDย whileย MACDย is Bearishly below MACDAverage.
Onย 60-minuteย chart,ย SlowKย is Bullishly over SlowDย whileย MACDย isย Bullishly over MACDAverage.ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย
