BTC/USD Choosing to Stop Loss Above 27290: SallyHo's Technical Analysis - May 29, 2023Bitcoin (BTC/USD) struggled to maintain buying during the early Asian session as the currency pair traded above 27000 after reaching a level of 27350. During the appreciation period, stop losses were selected above the areas of 27149
BTC/USD Choosing to Stop Loss Above 27290: SallyHo's Technical Analysis - May 29, 2023
Bitcoin (BTC/USD) struggled to maintain buying during the early Asian session as the currency pair traded above 27000 after reaching a level of 27350. During the appreciation period, stop losses were selected above the areas of 27149.97 and 27290.45, and the upward retreat level was related to the selling pressure around 27678.73 and 27500. The technical buying pressure has recently stabilized near the 26641 area, and the downward price target is also linked to the 27678.73 area. The downward price targets related to levels 28334.75 and 27647.82 include levels 25604.43 and 25124.80. 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 27811, 28430, 29048, 29143, and 29813 levels. The upward retreat levels in the recent depreciation range include 27981, 28095, 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 a bearish 50 day moving average (4-hour chart), indicating below the 100 day moving average (4-hour chart) and 200 day moving average (4-hour chart). In addition, the 50 day moving average (hourly) is bearish, indicating below the 200 day moving average (hourly) and above the 100 day moving average (hourly).
The price activity is closest to the 100 day moving average (4 hours) of 26920.37 and the 200 day moving average (per hour) of 26783.67.
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 bullish higher 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.
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