Bitcoin Price Analysis: Pressure Below 17525 — 17 December 2022

BTC/USD Gives Back Recent Gains: Sally Ho’s Technical Analysis – 17 December 2022

Bitcoin (BTC/USD) extended its ongoing depreciation early in the Asian session as the pair traded below the psychologically-important 17000 figure, reaching the 16924.99 area following increasing risk aversion. Selling pressure intensified around the 17525 area, just above the 23.6% retracement of the depreciating range from 18385.36 to 17222.09. Stops were elected below the 17267.87 area as the downturn intensified, a level that represents the 38.2% retracement of the appreciating range from 15460 to 18385.36. Strong selling pressure around the 18385 and 17525 areas could result in tests of downside price objectives around the 16849, 16375, 15900, 15313, and 14364 levels. If BTC/USD is able to reclaim some upside momentum, additional technically significant upside retracement levels include the 18495, 19199, 20070, and 20201 levels.

Below current price activity, BTC/USD bears are eyeing a possible test of recent two-year lows around the 15460 area, established after Stops were elected below the 15512 area. Notably, the 15512 level represented an exact bearish price objective based on selling pressure that strengthened around the 21478.80 and 18495.50 areas. Below these areas, technically significant levels include the 14613, 14500.15, 13369, 10432.73, 10727, 9682, 8837, and 7538 levels. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 200-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 100-bar MA (4-hourly) at 17110.39 and the 200-bar MA (Hourly) at 17286.61.

Technical Support is expected around 14500.15/ 13369.11/ 10727.75 with Stops expected below.

Technical Resistance is expected around 18495.40/ 19199.48/ 20070.64 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: Sally Ho’s Technical 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.

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