Bitcoin Price Analysis: Year-End Malaise – 31 December 2022
BTC/USD Bearishness at Year’s End: Sally Ho’s Technical Analysis – 31 Dec 2022Bitcoin/USD (BTC/USD), maintained a bearish technical sentiment in the Asian session. The pair surged lower to the 16326.16 mark after recent selling pressure, which intensified around the level of 16654.81. The pair has been generally in the 16880.44 region, which is the 23.6% retracement for the depreciating range of 21478.80 and 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 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 bearish indicating below 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). Stops are expected below. Technical Resistance is expected to be around 18495.40/ 19199.48/20070.64, with Stops expected above. SlowK is bullishly above SlowD, while MACD and MACDAverage are bearishly below. On the 4-hourly 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.