BTC/USD Tests 27500 Level:  Sally Ho’s Technical Analysis – 24 May 2023

Bitcoin (BTC/USD) worked to maintain positive momentum early in the Asian session as the pair reached the 27500 level after buying pressure emerged around the 26803.46 area, near a downside price objective linked to selling pressure that intensified around the 27295 level.  Stops were elected above the 27455.52 area during the appreciation, a previous downside price objective associated with selling pressure that strengthened around the 28334.75 area.  Following recent price activity, areas of technical resistance and potential selling pressure include the 28011, 28591, 29171, 29889, and 29997 levels.  Upside retracement levels in recent depreciating ranges include the 28428, 28564, 28700, 28741, 28868, 29243, and 29299 areas.  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.   

Following recent selling pressure, additional downside price objectives include the 26308, 26093, 25885, and 25604 levels.  Stops were recently elected below the 27145, 27108, 26765, 26729, 26380, 26309, and 26203 levels during the recent depreciation, downside price objectives related to recent selling pressure around the 30500, 30050, 29850,

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Author: Sally Ho

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