BTC/USD Orbiting 27108 Level:  Sally Ho’s Technical Analysis – 17 May 2023

Bitcoin (BTC/USD) orbited the 27108.55 level early in the Asian session as the pair softened after reaching the 27678.73 level, representing a test of a downside price objective associated with selling pressure that emerged around the 28334.75 level.  Buying pressure strengthened around the 26860.12 area after Stops were elected below the 26964.88 area, representing the 38.2% retracement of the recent appreciating range from 25810 to 26678.73.  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, 28334, and 27647 levels.  Related downside price objectives include the 25474, 25442, 25124, 24705, 24440, 23208, and 22769 levels.  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 related to recent buying pressure around the 27194.51 and 28161.74 areas include the 30420.74, 31237.11, and 32556.73 levels.  Additi

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Author: Sally Ho

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