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 <

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Author: Sally Ho

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