BTC/USD Sharply Depreciates: Sally Ho’s Technical Analysis – 9 November 2022
Bitcoin (BTC/USD) remained weak early in the Asian session as the pair traded back below the psychologically-important 20000 figure and cratered to its weakest print since 25 October. Stops were elected below the 20373 and 20341 areas during the acute depreciation, retracement levels associated with the recent appreciating range from 20032.02 to 21478.80. Stops intensified below the 19804.90 and 19409.88 areas, representing the 50% and 61.8% retracements of the recent broader appreciating range from 18131 to 21478.80, as BTC/USD plummeted to the 19344.75 area. Additional retracement levels and areas of potential technical support include the 19324, 19262, 18921, and 18847 levels. BTC/USD recently traded as high as the 21478.80 area, its strongest print since mid-September and a test of the 50% retracement of the broad depreciating range from 25214.57 to 18131.
Additional upside retracement levels in depreciating ranges from the 48240, 32371, and 25214.57 levels include the 22508, 23542, 23579, 23698, 25236, 25251, and 26931 areas. BTC/USD bears observe larger Stops accumulating below the 17803, 17701, 16966, and 16503 areas, significant technical levels related to historical upside pressure around the 3858 and 9819 levels. Additional significant technical areas on the downside include the 16990.14, 14500.15, and 10432.73 areas. Stops are also accumulating below the 19711 and 19355 areas. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 19873.67 and the 50-bar MA (Hourly) at 20632.87.
Technical Support is expected around 16990.14/ 14500.15/ 10432.73 with Stops expected below.
Technical Resistance is expected around 25256.96/ 27455.20/ 32383.96 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
Disclaimer: Sally Ho’s Technical Analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
