Bitcoin Price Analysis: 7.1% Weaker in May – 2 June 2023

BTC/USD Off 7.1% in May:  Sally Ho’s Technical Analysis – 2 June 2023

Bitcoin (BTC/USD) extended recent weakness early in the Asian session as the pair traded below the 27000 figure following an acute move lower from the 27360.31 area that was reversed around the 26615 area.  Stops were elected below the 26744.31 area, a downside price objective associated with selling pressure that intensified around the 27875 area.  Large Stops were recently elected below the 27477.07 area during the depreciation, representing the 38.2% retracement of the recent appreciating range from 25864.35 to 28473.93.  Downside price objectives linked to the 28057.23 and 27875 levels include the 26526, 26335, and 25675 areas.  Stops are cited below the 26422 level.  BTC/USD depreciated approximately 7.1% in May and has appreciated approximately 64.5% year-to-date.

Additional downside price objectives include the 25474, 25442, 24705, 24440, 23208, and 22769 levels.  Following recent price activity, areas of technical resistance and potential selling pressure include the 29048, 29143, and 29813 levels.  Upside retracement levels in recent depreciating ranges include the 28700, 28741, 28868, 29243, 29299, and 29284 levels.  Above the market, upside price objectives include the 30420.74, 31237.11, 31477.37, 32501.23, 32556.73, 32989.19, 34583.96, 34658.69, 35222.66, 37765.28, and 38403.97 levels.   Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-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 27011.61 and the 200-bar MA (Hourly) at 26988.19.

Technical Support is expected around 25604.51/ 24440.41/ 22769.39 with Stops expected below.

Technical Resistance is expected around 31986.16/ 32989.19/ 34658.69 with Stops expected above.  

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above 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.