Bitcoin Price Analysis: 16922 Level Tried – 28 Dec 2022
BTC/USD Tests: 16922 Technical Level – Sally Ho’s Tech Analysis – 28 Dec 2022Bitcoin (BTC/USD), which was trading as high at the 16920.10 level in the Asian session, failed to sustain its recent upside progress and fell to the 16795.53 zone. This is a test of the 50% Retracement of the appreciating range between 15460 and 18385.36. The pair is still in orbit around the 16880.44 level, which represents the 23.6% retracement for the depreciating range of 21478.80 – 15460. Recently, selling pressure intensified around the 17525 and 18385.36 levels. BTC/USD tested downside prices objectives related to these levels, which included the 16375.18 region. These selling pressure areas also have related downside price targets, such as the 15900, 15313 and 14364 levels. Technically, the 18495-19199, 20070 and 20201 levels are additional upside retracement levels that could be useful if BTC/USD regains some upside momentum. BTC/USD has fallen approximately 63% year to date and is down more than 1% monthly. BTC/USD bears are looking at a possible test for recent two-year lows in the 15460 area. This was established after Stops were elected below 15512. The 15512 level was a bearish price target. It was based on selling pressure which increased around the 21478.80 or 18495.50 areas. Technically significant levels below these areas include the 14613.15, 14500.15 and 13369 levels. The 50-bar MA (4 hourly) is being observed by traders as it is below the 100-bar MA (4 hourly) and below 200-bar MA (four hoursly). The 50-bar MA is bullishly indicating that the 100-bar MA (4-hourly), and 200-bar MA (4-8 hours respectively) are below. Price activity is also close to the 50-bar MA (4 hourly) at 16792.55 and the 100 bar MA (Hourly), at 16816.39. 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.