BTC/USD Hits 21000 Mark: Sally Ho’s Technical Analysis, 31 October 2022
Bitcoin (BTC/USD) maintained positive upside momentum early in the Asian session as the pair sought to reclaim the psychologically-important 21000 figure after recently peaking around the 21080 area, its strongest print since mid-September. This move was a test for the 61.8% retracement in the depreciating range between 22800 and 18131 and opens up potential tests of other related retracement areas at the 21698 or 21800 levels. Traders continue to monitor the price activity around the area of 20836.92, which represents the 38.2% retracement in the wider depreciating range (25214.57 to 1831). Additional retracement levels within this depreciating range are the 21672 and 22508 areas, 23542 and 23698. Recent upward progress has seen buying pressure and areas for technical support rise around the 20509 and 20055 areas. Stops are likely below.
BTC/USD bears notice larger Stops accumulating under the 17803 and 17701 areas. This is significant technical level related to historical upside pressure at the 3858 and 9999 levels. Other areas of concern are the 16990.14 and 14500.15 areas. Stops are falling below the 19711 or 19355 areas. Traders are noticing that the 50-bar MA (4 hourly) is bullishly indicating higher than the 100-bar MA (4 hours) and the 200-bar MA (four hours). The 50-bar MA (hourly), which is bullishly above the 100-bar MA, and above the 200 bar MA (hourly), is also bullish.
Price activity is close to the 50-bar MA (4 hourly) at 19946.06 or the 50-bar MA (Hourly), at 20572.41.
Technical Support is expected to be available around 16990.14/14500.15/10432.73, with Stops expected below.
Technical Resistance is expected to be around 25256.96/ 27455.20/ 323383.96, with Stops expected to be above.
On the 4-Hourly chart SlowK is Bearishly below SlowD, while MACD is Bullishly Above MACDAverage.
On a 60-minute chart SlowK is Bearishly Below SlowD, while MACD is Bearishly Below 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.
