Bitcoin Price Analysis: BTC Below 19518

BTC/USD Below 19518:  Sally Ho’s Technical Analysis – 10 October 2022

Bitcoin (BTC/USD) remained relatively weak early in the Asian session as the pair continued to trade around and below the 19518.06 level, representing the 61.8% retracement of the appreciating range from 18923.81 to 20479.43.  Buying pressure emerged multiple times around the 19420 area during pullbacks following buying pressure that saw the pair lifted from the 19325 area to the 19648.35 level.  Upside retracement levels related to recent depreciating ranges include the 20476, 21024, 21703, and 21805 areas.   Following recent selling pressure, BTC/USD bears are eyeing a greater risk of a test of June lows.  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.   

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. 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 200-bar MA (4-hourly) and above the 100-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 50-bar MA (4-hourly) at 19682.08 and the 200-bar MA (Hourly) at 19688.14.

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 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.