---
title: "Bitcoin Price Analysis: Stops Elected Below 27477"
url: https://diffcoin.com/bitcoin-price-analysis-stops-elected-below-27477/
description: "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…"
published: 2023-05-31
updated: 2023-05-31
author: "Mila"
site: "Diffcoin"
---

# Bitcoin Price Analysis: Stops Elected Below 27477

**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 **2686** 1 and **26422 levels**.

Additional **downside price objectives** include the **25474**, **25442**, **24705**, **24440**, **23208**, and **22769 levels**. Following recent price activity, areas of **technical resistance** and potential **selling pressure** include the **29048**, **29143**, and **29813 levels**. **Upside retracement levels** in recent **depreciating ranges** include the **28700**, **28741**, **28868**, **29243**, **29299**, **and 29284 levels**. **Above** the market, **upside price objectives** include the **30420.74**, **31237.11**, **31477.37**, **32501.23**, **32556.73**, **32989.19**, **34583.96**, **34658.69**, **35222.66**, **37765.28**, and **38403.97 levels**. Traders are observing that the **50-bar MA (4-hourly)** is **bearishly indicating below** the **200-bar MA (4-hourly)** and **above** the **100-bar MA (4-hourly).** Also, the **50-bar MA (hourly)** is **bullishly** **indicating** **above** the **100-bar MA (hourly)** and **above** the **200-bar MA (hourly)**.

Price activity is nearest the **50-bar MA** (4-hourly) at **27011.61** and the **200-bar MA** (Hourly) at **26988.19**.

**Technical Support** is expected around **25604.51/ 24440.41/ 22769.39** with **Stops** expected below.

**Technical Resistance** is expected around **31986.16/ 32989.19/ 34658.69** with **Stops** expected above.

On **4-Hourly** chart, **SlowK** is **Bearishly below SlowD** while **MACD** is **Bearishly below MACDAverage.**

On **60-minute** chart, **SlowK** is **Bearishly below SlowD** while **MACD** is **Bearishly below MACDAverage**.

*Disclaimer: Sally Ho’s Technical Analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.*

[Source link](https://www.cryptodaily.co.uk/2023/05/bitcoin-price-analysis-stops-elected-below-27477-1-june-2023)