BTC/USD Retracement Above 26729: Sally Ho’s Technical Analysis – 14 May 2023

Bitcoin (BTC/USD) retraced some of its recent losses early in the Asian session as the pair appreciated to the 26997.65 level after recently trading as low as the 25810 area, its weakest print since mid-March.  Technical demand pushed BTC/USD from the 26351 and 26729.78 levels during the retracement, recent downside price objectives related to selling pressure that intensified around the 28334.75 area.  Additional related recent downside price objectives include the 27108, 27577, and 27647 areas.  Stops were recently elected below the 27145, 27108, 26765, 26729, 26380, 26309, and 26203 levels during the 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 27293, 28011, 28591, 29171, 29889, and 29997 levels.

Upside retracement levels in recent depreciating ranges include the 28428, 28564, 28700, 28741, 28868, 29243

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Author: Sally Ho

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