Bitcoin (BTC/USD) clawed back from some recent losses during today’s Asian session as the pair moved back above the psychologically-important 9000 figure after declining to the 8800.00 level and electing large Stops below some key levels, including the 9242.11 and 9025.32 areas that represent the 38.2% and 50% retracements of the recent appreciation from 8106.70 to 9943.93. Buying pressure emerged just below the 8808.52 area, a level that represents the 61.8% retracement of the same appreciating range. Additional Stops were reached below the 9092.85 and 8860.12 levels during the descent, representing the 50% and 38.2% retracements of the recent depreciation from 10079 to 8106.70. Traders were also able to trigger some Stops below the 9223.97 area, representing the 23.6% retracement of the recent appreciation from 6456.00 to 10079.00.
Some traders believe the pair may have additional downside room to run, with the 8715.54 area emerging as an additional downside target. Some areas of potential technical support to the downside include the 8695.01, 8267.50, and 7839.99 areas, levels that represent the 38.2%, 50%, and 61.8% retracements of the appreciation from 6456.00 to 10079.00. Traders are also closely monitoring additional downside areas of potential technical support around the 8572.16, 8540.29, and 8499.87 areas, with additional focus on the 7967.33, 7610.66, 7423.22, and 7169.35 levels. Chartists are observing that the 50-bar MA (4-hourly) continues to bullishly indicate above the 100-bar MA (4-hourly) and 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and 200-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 8615.85 and the 50-bar MA (Hourly) at 9523.17.
Technical Support is expected around 8695.01/ 8540.29/ 8267.50 with Stops expected below.
Technical Resistance is expected around 10079.00/ 10316.39/ 10661.23 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
Original Post: BTC/USD’s Rapid Descent Slowed by 8820 Bids: Sally Ho’s Technical Analysis 22 May 2020 BTC