BTC/USD Stops Elected Below 27477: Sally Ho’s Technical Analysis – 31 May 2023
Bitcoin (BTC/USD) extended its recent bearish momentum early in the Asian session as the pair continued to trade below the 27169.14 level, representing the 50% retracement of the recent appreciating range from 25864.35 to 28473.93. Large Stops were elected below the 27477.07 area during the depreciation, representing the 38.2% retracement of the same appreciating range, before BTC/USD bottomed out around the 26978.45 area. Technical trading became evident when this relative low was right around a downside price objective related to selling pressure that strengthened around the 28473.93 and 28057.23 areas. Downside price objectives linked to the 28057.23 and 27875 levels include the 26744, 26526, 26335, and 25675 areas. Stops are cited below the 26861 and 26422 levels.
Additional downside price objectives include the 25474, 25442, 24705, 24440, 23208, and 22769 levels. Following recent pri
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