Bitcoin Price Analysis: 64% decline in 2022 – 1 Jan 2023
BTC/USD Finishes 2022 Off 64%: Sally Ho’s Technical Analysis – 1 January 2023Bitcoin (BTC/USD) capped a very bearish year with additional weakness early in the Asian session as the pair continued to trade below the psychologically-important 17000 figure after recently trading as low as the 16326.16 level. BTC/USD was generally trading in the 16880.44 region late last year. This is the 23.6% retracement for the depreciating range of 21478.80 – 15460. BTC/USD recently tested downside price objectives for these levels. 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 64% over the past year and is down more than 3% 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 bearishly indicating that traders are below the 100-bar MA (4 hourly) and below 200-bar MA (four-hourly). The 50-bar MA is also bearish, indicating below the 100 bar MA (4-hourly), and below the 200 bar MA (4-hourly). Price activity is close to the 50-bar MA (4 hourly) at 16705.87 and the 100 bar MA (Hourly), at 16598.31. 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. SlowK is bullishly above SlowD, while MACD and MACDAverage are Bullishly below. On a 4-hour chart, SlowK rises above SlowD, while MACD rises above 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.