BTC/USD Unable to Sustain Gains: Sally Ho’s Technical Analysis – 16 October 2022
Bitcoin (BTC/USD) awaited decisive short-term technical guidance early in the Asian session as the pair was unable to sustain the 19856.57 level and glided lower to test the 50% retracement of the recent appreciating range from 18131 to 19954.14. Stops were elected below the 19523.08 and 19257.70 levels during the depreciation, representing the 23.6% and 38.2% retracements of the appreciating range. Stops were recently elected below the 18855 area during the sharp move lower as selling pressure intensified below the 20715.34 area, representing the 61.8% retracement of the appreciating range from 17934.26 to 25214.57. Below current price activity, traders continue to anticipate large Stops below the 17803, 17701, 16966, and 16503 areas, significant technical levels related to historical upside pressure around the 3858 and 9819 areas. Additional significant technical areas on the downside include the 16990.14, 14500.15, and 10432.73 areas.
Upside retracement levels related to recent depreciating ranges include the 20476, 21024, 21703, and 21805 areas. Following the recent sharp decline, the 20433 area has emerged as an area of consistent technical resistance and is technically related to selling pressure that commenced around the all-time high of 69000. Above recent price activity, upside retracement levels in the depreciating range from 31549.21 to 17567.45 include the 26208, 28249, and 28557 areas. Additional upside price objectives and areas of potential selling pressure include the 25552, 26323, 26411, 26901, 27126, 27455, 28426, and 29669 areas. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and above the 100-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 19392.29 and the 100-bar MA (Hourly) at 19184.13.
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 Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above 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.