BTC/USD Rising from 26999: SallyHo's Technical Analysis - June 5, 2023Bitcoin (BTC/USD) continued to consolidate relatively horizontally in the early Asian session, as the currency pair rose from 269999.25 to 27258
BTC/USD Rising from 26999: SallyHo's Technical Analysis - June 5, 2023
Bitcoin (BTC/USD) continued to consolidate relatively horizontally in the early Asian session, as the currency pair rose from 269999.25 to 27258.28. Recently, BTC/USD is still bidding above the 27074.56 area, which is a downward price target related to the consolidation of selling pressure near the 27875 level. Traders recently raised the BTC/USD to the 27275.20 range during the rebound period, followed by some fluctuations, with the currency pair depreciating to the 26976 range. During the recent depreciation period, a large stop loss was recently selected below the 27477.07 area, representing a 38.2% pullback in the recent appreciation range of 25864.35 to 28473.93. The downward price targets related to the 28057.23 and 27875 levels include the 26335 and 25675 regions. Quote a stop loss below the 26422 level.
Other downward price targets include levels 25474, 25442, 24705, 24440, 23208, and 22769. After the recent price activity, technical resistance and potential selling pressure areas include levels 29048, 29143, and 29813. The upward retreat levels in the recent depreciation range include 28700, 28741, 28868, 29243, 29299, and 29284 levels. Above the market, the rising targets include levels 30420.74, 31237.11, 31477.37, 32501.23, 32556.73, 32989.19, 34583.96, 34658.69, 34658.69, 352222.66, 37765.66, and 37765.28. Traders observed 50 moving averages (4-hour charts) as bearish, indicating below 200 moving averages (4-hour charts) and above 100 moving averages (4-hour charts). In addition, the 50 day moving average (hourly) is bullish, indicating that it is above the 100 day moving average (hourly) and the 200 day moving average (hourly).
The price activity is closest to the 50 day moving average (4 hours) of 27139.31 and the 100 day moving average (per hour) of 27130.21.
The expected technical support level is around 25604.51/2440.41/22769.39, and the stop loss level is expected to be below.
The expected technical resistance level is around 31986.16/32989.19/34658.69, and the stop loss level is expected to be above.
On the 4-hour chart, SlowK is bearish lower than SlowD, while MACD is bullish higher than MACDAverage.
On the 60 minute K-line trend chart, SlowK is bearish below SlowD, while MACD is bullish above MACDAverage.
Disclaimer: SallyHo's technical analysis is provided by a third party and is for reference only. It does not reflect the daily views of Cryptocurrency and is not intended to be used as legal, tax, investment or financial advice.
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