BTC/USD Locked in Tight Range: Sally Ho’s Technical Analysis – 25 December 2022
Bitcoin (BTC/USD) remained locked in a tight range early in the Asian session as the pair continued to hug the 16880.44 area, a level that represents the 23.6% retracement of the depreciating range from 21478.80 to 15460. A recent rebound saw BTC/USD test the 18469.40 area, a level it could not sustain as elevated risk aversion resulted in more downward pressure. Selling pressure recently intensified around the 18385.36 and 17525 levels and BTC/USD tested downside price objectives related to these levels, including the 16375.18 area. Additional related downside price objectives related to these areas of selling pressure include the 15900, 15313, and 14364 levels. If BTC/USD reclaims some upside momentum, additional technically significant upside retracement levels include the 18495, 19199, 20070, and 20201 levels.
BTC/USD has depreciated approximately 63% year-to-date, and is off more
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