Bitcoin Smashes 25885 Objective: Latest Price Analysis – 26/05/23

Bitcoin Smashes 25885 Objective: Latest Price Analysis - 26/05/23


This technical analysis article discusses BTC/USD’s recent price activity, potential selling pressure, and technical support and resistance levels.

BTC/USD Tests 25885 Objective:  Sally Ho’s Technical Analysis – 26 May 2023

Bitcoin (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.   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.  Related downside price objectives include the 25604.43 and 25124.80 levels.  Additional downside price objectives include the 25474, 25442, 24705, 24440, 23208, and 22769 levels

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Following recent price activity, areas of technical resistance and potential selling pressure include the 26810, 27046, 27429, 27811, 28430, 29048, 29143, and 29813 levelsUpside 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.  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).  Similarly, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).

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Price activity is nearest the 50-bar MA (4-hourly) at 26889.01 and the 50-bar MA (Hourly) at 26684.03.

Technical Support is expected around 25604.51/ 24440.41/ 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 Bullishly over SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bullishly over SlowD while MACD is Bullishly over MACDAverage.                                   

Source

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