Bitcoin Price Analysis: 26351 Bids Supportive

BTC/USD Remains Below 26763:  Sally Ho’s Technical Analysis – 27 May 2023

Bitcoin (BTC/USD) remained in a relatively narrow range early in the Asian session as the pair continued to trade below the 26763.44 area, representing the 23.6% retracement of the depreciating range from 29850 to 25810.   Decent technical support has recently emerged around the 26351 level, a downside price objective associated with recent selling pressure around the 28334.75 and 27647.82 levels.  The recent move lower also represented a test of the 25882.35 area, a downside price objective linked to selling pressure that intensified around the same 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. 

Following recent price activity, areas of technical resistance and potential selling pressure include the 26810, 27046, 27429, 27811, 28430, 29048, 29143, and 29813 levels.  Upside retracement levels in recent depreciating ranges include the 27981, 28095, 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 100-bar MA (4-hourly) and below the 200-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 50-bar MA (4-hourly) at 26818.17 and the 50-bar MA (Hourly) at 26351.17.

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 above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above 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.