Analysis of Bitcoin Price: 17192 Pressure Tested 2 December 2022

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BTC/USD Tests 17192 Resistance – Sally Ho’s Technical Analy – 2 Dec 2022Bitcoin/USD sought to add to its recent gains early in Asia as the pair traded above 17116.62, which represents the 61.8% Retracement of the recent range of depreciation from 18140.62 – 15460. BTC/USD was lifted to the 17259.37 level by traders, which is a test of the 23.6% Retracement of the wider depreciating range of 22800 to 15460. Technical buying pressure was evident when BTC/USD pulled back towards the 16705.09 level. This represents the 23.6% retracement in the recent appreciating range of 15460 to 17077. Traders are watching for potential technical resistance and selling pressure, including the 17791 and 18495 levels, 20070 and 20201 levels. This is a retracement of the recent appreciating range from 15460 to 17077. Stops were elected below this 15512 area. A previous relative low that was a bearish price objective, based on selling pressure strengthening around the 21478.80 or 18495.50 areas. The 13369, 7538, and 8837 levels are associated downside price objectives below current price action. Technicians are still focusing on the 14500.15, 10432.73 and 9682 areas as potential downside targets. Additional downside price objectives include 14613,10727 and 9682 levels. These areas are related to selling pressure which intensified around the 20894.96 and 18495.50 regions. The 50-bar MA (4 hourly) is bearishly indicating below 200-bar MA (4 hourly) and above 100-bar MA (four-hourly). The 50-bar MA is bullish, indicating above the 100 and 200-bar MAs (hourly), respectively. Technical Support is expected to be around 14500.15/ 13379.11/ 10727.75 with stops expected below. Technical Resistance is expected to be around 18495.40/ 19199.48/ 2007,0.64 with stops expected above. On the 4-hour chart, SlowK is bearishly below SlowD, while MACD’s Bullishness is above MACDAverage. On the 60-minute chart SlowK is Bearishly lower than SlowD, while MACD’s Bearishness is below MACDAverage. Disclaimer: Sally Ho’s Technical Analysis is provided by a third-party and is for informational purposes only. It does not represent the views of Crypto Daily and is not intended to be used for legal, tax, investment or financial advice.