Bitcoin Price Analysis: Bears Fading, 20 November 2022


BTC/USD Bulls Gaining ground: Sally Ho’s technical analysis – 20 November 2022Bitcoin/USD bulls seemed to be gaining ground in the Asian session. The pair tried to sustain recent movements above technical levels that were related to the recent appreciation range of 15512 to 18140.62. BTC/USD bears want to avoid a break above 17136.49, which is the 50% retracement in the same appreciating range as well as an area of technical resistance in the recent trading sessions. BTC/USD has recently fallen to the 15512 area. This was a two-year low and represented a bearish price objective. Selling pressure had been increasing around the 21478.80, 18495.50 areas. Technical confirmation and validation occurred when stops were elected below the corresponding downside price targets at the 17573.96 or 16651.45 areas. The 13369, 7538, and 8837 levels are associated with downside price objectives below current prices activity. After Stops were elected below 16990, 16966 and 16503 levels, which are areas associated with historical appreciating levels that began around the 3858 or 9819 levels, the recent depreciation increased. Technicians are still focusing on the 14500.15 area and 10432.73 as potential downside targets. Other downside price targets include the 14613 and 10727 levels. These are areas related to selling pressure, which intensified around the areas of 20894.96 & 18495.50. The 17791, 18495, 19199, 20070 and 20201 levels are areas of technical resistance. The 50-bar MA (4 hourly) is bearishly indicating that the 200-bar MA (4 hourly) and the 100-bar MA (four-hourly respectively) are below traders’ expectations. The 50-bar MA is also bearish, indicating below the 100 and 200-bar MAs (hourly), respectively. Technical Support is expected to be around 15512/ 13359.11/ 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. The 60-minute chart shows SlowK as Bullishly higher than SlowD, while MACD is bullishly above 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.


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