BTC/USD Gives Back Recent Gains: Sally Ho’s Technical Analysis – 17 December 2022
Bitcoin (BTC/USD) extended its ongoing depreciation early in the Asian session as the pair traded below the psychologically-important 17000 figure, reaching the 16924.99 area following increasing risk aversion. Selling pressure intensified around the 17525 area, just above the 23.6% retracement of the depreciating range from 18385.36 to 17222.09. Stops were elected below the 17267.87 area as the downturn intensified, a level that represents the 38.2% retracement of the appreciating range from 15460 to 18385.36. Strong selling pressure around the 18385 and 17525 areas could result in tests of downside price objectives around the 16849, 16375, 15900, 15313, and 14364 levels. If BTC/USD is able to reclaim some upside momentum, additional technically significant upside retracement levels include the 18495, 19199, 20070, and 20201 levels.
Below current price activity, BTC/USD bears are ey
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