BTC/USD Weaker After Dip:  Sally Ho’s Technical Analysis – 2 May 2023

Bitcoin (BTC/USD) continued to orbit technically significant levels early in the Asian session as the pair stayed close to the 28525.56 area following a decline, a level that represents the 38.2% retracement of the recent depreciating range from 31050 to 26965.14.   Traders pushed BTC/USD lower from the 29969.99 area until demand emerged around the 28271.44 area, representing a test of an upside price objective associated with buying pressure that emerged around the 27194.51 area.  Some buying pressure also emerged around the 28451.78 area, an upside price objective associated with buying pressure that strengthened around the 27479.93 area.  Stops were elected above the 27929.17, 28525.56, 29007.57, and 29489.58 areas during the recent surge higher, retracement levels associated with the recent depreciating range from 31050 to 26965.14.   Stops were also elected above the 28036.96 and 29370.70 areas during the appreciation, upside price objectives associated with recent buying pressure around the 27194.51 and 28161.74 areas. 

Additional related upside price objectives include the 30420.74, 31237.11, and 32556.73 levels.  Downside price objectives related to recent depreciating ranges and levels include the 26533, 26085, 25604, and 24103 levels.  Additional upside price objectives include the 31477.37, 32501.23, 32989.19, 34583.96, 34658.69,

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Author: Sally Ho

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