BTC/USD Bears are Growing: Sally Ho’s Technical Analys – 18 Dec 2022
Bitcoin (BTC/USD), which continues to feel downward pressure early in Asia, traded as low at the 16529.53 zone. This is a test of the 61.8% Retracement of the appreciating range of 15460 to 18385.36. Stops were placed below the 16849.58 level during the ongoing depreciation. This is a downside price objective due to selling pressure that increased below the 17525 region. Selling pressure could be strong around the 18385 or 17525 areas, which could lead to tests of other downside price objectives at the 16375, 15900 and 15313 levels. If BTC/USD can regain some upside momentum, technical upside retracement levels at the 18495 and 19199, 20070 and 20201 levels could be considered.
BTC/USD bears are looking at the possibility of testing the recent two-year lows in the 15460 area. This was established after Stops were elected below 15512. The 15512 level was a bearish price target. It was based on selling pressure which increased around the 21478.80 or 18495.50 areas. Technically significant levels below these areas include the 14613.15, 14500.15 and 13369 levels. Traders are noticing that the 50-bar MA (4 hourly) is bullish and indicates above the 200 bar MA (4-hourly), and above the 220-bar MA (4 hrly). The 50-bar MA (hourly), which indicates below the 100-bar MA, (hourly), and below the 200 bar MA (hourly), is also bearish.
Price activity is closest to the 200-bar MA (4 hourly) at 16818.18, and the 50-bar MA (5 hourly) at 17121.93.
Technical Support is expected to be available around 14500.15/13369.11/10727.75, with Stops expected below.
Technical Resistance is expected to be around 18495.40/ 19199.48/20070.64 with Stops expected to be above.
On the 4-Hourly chart SlowK is Bullishly higher than SlowD, while MACD is Bearishly lower than MACDAverage.
On a 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 is intended to be used for informational purposes only. It does not represent the views of Crypto Daily and is not intended to be used for legal, tax, investment or financial advice.