BTC/USD Stops Elected Below 28164:  Sally Ho’s Technical Analysis – 4 May 2023

Bitcoin (BTC/USD) experienced greater volatility early in the Asian session as the pair depreciated to the 28122 area after Stops were elected below some short-term price objectives including the 28432.19 and 28258.08 levels, downside targets that became technically significant when selling pressure strengthened around the 28692.49 and 28655.23 areas.  Stops were also elected below the 28164.42 area during the acute sell-off, a downside price objective associated with additional selling pressure that intensified around the 28555.96 level, and additional related price objectives include the 28022.92 and 27794.20 areas.  Buying pressure recently emerged around the 27929.17 area, a level that represents the 23.6% retracement of the depreciating range from 31050 to 26965.14.   Stops were recently elected above the 27929.17, 28525.56, 29007.57, and 29489.58 areas during the appreciation higher, retracement levels associated with the recent depreciating range from 31050 to 26965.14.   

Above the market, upside price objectives relate to recent buying pressure around the 27194.51 and 28161.74 areas 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, 32989.1

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Author: Sally Ho

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