Bitcoin (BTC/USD) continued its recent depreciation early in the Asian trading session on May 7, 2023, as the cryptocurrency reached the 29051.99 area. This was the result of selling pressure around the 29850 mark that had emerged after Stops were elected above an upside price objective around the 29803.05 level. During the depreciation, significant buying and selling activity occurred around the 29298.31 area, an upside price objective linked to buying pressure that intensified around the 28122 mark. Other related upside price objectives include the 28733, 28481, and 28169 levels.
The depreciation in Bitcoin’s value saw strong buying pressure emerge around the 29166.26 area, marking a test of a downside price objective at 29165.90, which is associated with selling pressure that strengthened around the 29466.76 level. Additional related downside price objectives include the 28743, 28481, and 28059 levels.
Looking above the current market value, upside price objectives related to recent buying pressure around the 27194.51 and 28161.74 areas include the 30420.74, 31237.11, and 32556.73 levels. Downside price objectives related to recent depreciating ranges and levels include the 26533, 26085, 25604, and 24103 levels. Additional upside price objectives include the 31477.37, 32501.23, 32989.19, 34583.96, 34658.69, 35222.66, 37765.28, and 38403.97 levels.
Another crucial price objective is the 31846.88 area, a level that represents the 50% retracement of the depreciating range from 48233.76 to 15460. Traders are observing that the 50-bar Moving Average (4-hourly) is bullishly indicating above the 100-bar Moving Average (4-hourly) and above the 200-bar Moving Average (4-hourly). Furthermore, the 50-bar Moving Average (hourly) is also bullish, indicating above the 100-bar Moving Average (hourly) and above the 200-bar Moving Average (hourly).
Price activity is nearest to the 50-bar Moving Average (4-hourly) at 28963.01 and the 100-bar Moving Average (hourly) at 28943.33. Technical support is expected around 26533.04, 25604.51, and 25094.62, with Stops expected below. Technical resistance is anticipated around 31986.16, 32989.19, and 34658.69, with Stops expected above.
On the 4-hourly chart, SlowK is bearishly below the SlowD, while the MACD is bearishly below the MACD Average. On the 60-minute chart, SlowK is also bearishly below the SlowD, and the MACD is bearishly below the MACD Average.
It’s important to note that this technical analysis is provided by a third party and is intended for informational purposes only. It does not reflect the views of Crypto Daily and should not be construed as legal, tax, investment, or financial advice.