Cryptocurrency trading, specifically Bitcoin (BTC/USD) was actively traded in the Asian session on 15 May 2023 as the pair orbited the 26763.44 level. Technical analysis indicates the support at 26774, which when cross indicates a depreciating range from 29850 to 25810. A few areas of technical resistance and potential selling pressure include the 27293, 28011, 28591 and 29171 levels.

The 50-bar MA (4-hourly) is currently bearishly indicating below the 100-bar MA (4-hourly) and 200-bar MA (4-hourly), while the 50-bar MA (hourly) is also bearishly below the 100-bar MA (hourly) and 200-bar MA (hourly). Price activity is also near the 50-bar MA (4-hourly) at 27762.79 and 50-bar MA (hourly) at 26668.19.

Technical support is expected around 25604.51/ 24440.41/ 22769.39 and the stops are anticipated to be below. Swing traders should watch out for technical resistance which is anticipated around 31986.16/ 32989.19/ 34658.69 with stops expected above. On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage and on 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

Investors should pay attention to bitcoin price movements in order to make well-informed decisions when dealing with digital currencies. However, Sally Ho’s Technical Analysis should be considered merely as an advisory and should not be used as legal, tax, investment or financial advice. It is always best to seek appropriate professional advice before investing.



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