BTC/USD Bears Are Growling: Sally Ho’s Technical Analysis – 18 December 2022
Bitcoin (BTC/USD) continued to experience downward pressure early in the Asian session as the pair continue to cede most of its recent gains and traded as low as the 16529.53 area, representing a test of the 61.8% retracement of the appreciating range from 15460 to 18385.36. Stops were elected below the 16849.58 area during the ongoing depreciation, a downside price objective related to selling pressure that intensified below the 17525 area. Strong selling pressure around the 18385 and 17525 areas could result in tests of additional downside price objectives around the 16375, 15900, 15313, and 14364 levels. If BTC/USD is able to reclaim some upside momentum, additional technically significant upside retracement levels include the 18495, 19199, 20070, and 20201 levels.
Below current price activity, BTC/USD bears are eyeing a possible test of recent two-year lows around the 15460 area, established after Stops were elected below the 15512 area. Notably, the 15512 level represented an exact bearish price objective based on selling pressure that strengthened around the 21478.80 and 18495.50 areas. Below these areas, technically significant levels include the 14613, 14500.15, 13369, 10432.73, 10727, 9682, 8837, and 7538 levels. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 200-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 below the 200-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 16818.88 and the 50-bar MA (Hourly) at 17121.93.
Technical Support is expected around 14500.15/ 13369.11/ 10727.75 with Stops expected below.
Technical Resistance is expected around 18495.40/ 19199.48/ 20070.64 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above 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.
