BTC/USD Elects Stops Below 43206: Sally Ho’s Technical Analysis 18 February 2022 BTC

Bitcoin (BTC/USD) extended its glide lower early in the Asian session as the pair continued to weaken below the 44000 figure, recently trading as low as the 43345.73 area.  Technical trading became evident during the European session when selling pressure commenced around the 44056.89 area, right around the 50% retracement of the recent depreciating range from 44475.96 to 43330.59.   The depreciation accelerated below the 43882 and 43671 levels, representing the 38.2% and 23.6% retracements of the same depreciating range.  The series of lower relative highs and lower relative lows resulted in Stops being elected below the 43206 area, representing the 38.2% retracement of the broader depreciating range from 45855 to 41570.  An additional downside retracement level in this depreciating range is the 42581 area.

If BTC/USD is able to resume its upward trajectory, the 44938.01 area remains a technical resistance level.  The pair’s recent test of the 41570 area represented a test of a downside price objective related to selling pressure that strengthened around the 57670.68 area in early December.  Another range that traders are monitoring is the appreciation from 32933.33 to 45855, and downside retracement levels include the 40918, 39394, 37869, 35982, and 35698 areas.  The recent print around the 45855 level represented a test of the 46091 area, a retracement level related to the broad depreciating range from 59249.77 to 39233.33.  If BTC/USD extends its recent upside progress, additional areas of potential selling pressure and technical resistance include the 47576, 47998, 49196, 53039, and 53618 levels.  Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 43316.24 and the 100-bar MA (Hourly) at 43242.31.

Technical Support is expected around 31639.47/ 29514.02/ 27271.02 with Stops expected below.

Technical Resistance is expected around 46600.89/ 47726.76/ 49019.35 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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.                                                                                                                                               

Disclaimer: This trading analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.