Bitcoin Price Analysis: Bulls Eyeing 17791 – 4 December 2022

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BTC/USD Bulls Eyeing 1791: Sally Ho’s Technical Analysis – 4 Dec 2022Bitcoin (BTC/USD), sought to maintain its recent upside progress in the Asian session. The pair continued to orbit 17000 after recently peaking at the 17317.80 level. BTC/USD then pulled back to the 16791.02 level, testing the 38.2% retracement from the recent appreciation range of 15992.64 – 17317.80. Traders are watching potential technical resistance and selling conditions, including the 17791.18495, 19199.20070 and 20201 levels. If the recent upside momentum reverses traders may test the recent two-year lows at the 15460 area. This was established after Stops were elected below 15512. A relative low that previously represented 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 bullishly indicating that the 200-bar MA (4-hourly), and the 100-bar MA (4-8 hours respectively) are below. Also, the 50 bar MA (hourly), is near the 50 bar MA (4-hourly), at 16675.43. The 50-bar MA is at 17013.21. 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 MACD are bearishly below MACDAverage. On a 60-minute chart SlowK is bearishly below SlowD, while MACD and MACD are bullishly 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.