Bitcoin Price Analysis: 16879 Holdings Now – 5 Dec 2022
BTC/USD Seeking Direction – Sally Ho’s Tech Analysis – 5 Dec 2022Bitcoin/USD continued to orbit the 17000 level after peaking at the 17158.42. This was a test of the 76.4% Retracement of the decline from 17317.80 – 16791.02. During a pullback, buying pressure emerged around the 16890.11 level. This is a test for the 23.6% retracement in the appreciating range between 15460 and 17317.80. If BTC/USD can resume its upward trajectory, upside levels of technical resistance and selling pressure, including the 17791.18495.19199, 20070 and 20201 levels, will be tested. If the recent upward momentum reverses, traders might test the recent lows of 15460 around Stops were elected below 15512, which was a relative low that represented a bearish price objective. This was based on selling pressure strengthening around the 21478.80 or 18495.50 areas. Technical support and buying pressure can be found around the 16811 and 16655 levels. This is due to the recent appreciation of 15992.64. The 13369, 7538, and 8837 levels are associated downside price objectives below current prices activity. 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 bearish, indicating below 200-bar MA (4 hours) and above 100-bar MA (four hours). The 50-bar MA is bullishly indicating that the 100-bar MA is below the 200-bar MA (4-hourly), and above the 200–bar MA (4-hourly). 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/ 1939.48/ 20070.64 and stops expected above. SlowK is bearishly below SlowD, while MACD and MACDAverage are Bearishly lower. On a 4-hour chart, SlowK rises above SlowD, while MACD falls below MACDAverage. Disclaimer: Sally Ho’s Technical Analyses are provided by a third-party and are 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.