The crypto coaster continues as Sally Ho’s BTC/USD technical analysis unveils the market dip on May 2nd, leaving some crypto enthusiasts with a sense of humor amid the fluctuations. Bitcoin (BTC/USD) hovered close to $28,525.56 after a decline, indicating a 38.2% retracement from its recent range of $31,050 to $26,965.14. The dip came as a surprise for some traders, as the values plummeted from $29,969.99 until demand reemerged around the $28,271.44 level. Market skeptics were amused by this quick shift in BTC/USD values, with some people finding a bright side to the sudden dip.
The recent surge saw stops elected above various retracement levels, such as $27,929.17, $28,525.56, and $29,489.58. This has led to additional upside price objectives, including $30,420.74, $31,237.11, and $32,556.73. However, there were also downside price objectives linked to recent devaluations, such as $26,533, $26,085, $25,604, and $24,103. Other values listed for potential technical resistance include $31,986.16, $32,989.19, and $34,658.69.
Sally Ho’s analysis reveals that traders are observing a bearish indication, as the 50-bar moving average (MA) on the 4-hourly chart remains below the 100-bar MA and the 200-bar MA; the same scenario is seen on the hourly chart. However, with MACD and SlowK indicators on both charts showing conflicting signals, this leaves traders and investors uncertain about the cryptocurrency’s short-term stability.
For those keeping an eye on the technical support and resistance, the expectations are as follows: Support is anticipated around the $26,533.04, $25,604.51, and $25,094.62 marks, with stops expected below; while resistance is expected around $31,986.16, $32,989.19, and $34,658.69, with stops above. The analysis indicates that price activity is nearest the 50-bar MA (4-hourly) at $28,484.33 and the 200-bar MA (hourly) at $28,493.21.
Sally Ho’s technical analysis triggers yet another debate between crypto supporters and skeptics. While many enthusiasts remain confident in the long-term prospect of cryptocurrencies, skeptics argue that the recent market dip serves as a reminder of the volatility and risks associated with these digital assets. The market fluctuations have given both sides something to chew on, and the lighthearted severity of the crypto coaster’s twists and turns inevitably puts a smile on some faces.
In conclusion, Sally Ho’s BTC/USD analysis unravels the May 2nd market dip, offering crypto enthusiasts, skeptics, and traders with invaluable insights into the world of cryptocurrencies. While markets fluctuate, the analysis reminds us that crypto investments always come with their fair share of unpredictability, challenges, and opportunities – and, of course, a dose of humor.
Source: Cryptodaily
https://www.cryptodaily.co.uk/2023/05/bitcoin-price-analysis-decline-to-28271-2-may-2023
