Bitcoin Price Analysis: 28309 Target Tested - 11 May 2023

BTC/USD Tests 28309 Target:  Sally Ho’s Technical Analysis – 11 May 2023

Bitcoin (BTC/USD) encountered additional volatility early in the Asian session as the pair moved back above the 28000 figure and tested the 28309.29 level, an upside price objective related to recent buying pressure around the 27279.66 and 27500 areas.  Traders initially pushed BTC/USD to the 28334.75 area after the price objective was breached, and Stops were also elected above the 27988.46 area during the ascent, an upside price objective linked to demand that strengthened around the 27500 area.  Additional upside retracement levels in recent depreciating ranges include the 28428, 28564, 28700, 28741, 28868, 29243, and 29299 areas.  Significant buying and selling activity recently took place around the 29298.31 area during the depreciation, an upside price objective linked to buying pressure that increased around the 28122 area. 

Above the market, upside price objectives relate to recent buying pressure around the 27194.51 and 28161.74 areas include the 30420.74, 31237.11, and 32556.73 levels.  Downside price objectives related to recent depreciating ranges and levels include the 26533, 26085, 25604, and 24103 levels.  Additional upside price objectives include the 31477.37, 32501.23, 32989.19, 34583.96, 34658.69, 35222.66, 37765.28, and 38403.97 levels.   Another important price objective is the 31846.88 area, a level that represents the 50% retracement of the depreciating range from 48233.76 to 15460.   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 100-bar MA (4-hourly) at 28491.23 and the 100-bar MA (Hourly) at 28255.89.

Technical Support is expected around 26533.04/ 25604.51/ 25094.62 with Stops expected below.

Technical Resistance is expected around 31986.16/ 32989.19/ 34658.69 with Stops expected above.  

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above 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.