BTC/USD Given After 23544 Test: Sally Ho’s Technical Analysis – 29 January 2023
Bitcoin (BTC/USD) remained on the defensive early in the Asian session as the pair depreciated to the 22884 area after trading as high as the 23511.90 level, an upside price objective related to buying pressure that intensified around the 16326.16 and 20370.01 levels. Traders recently lifted BTC/USD to the 23824.66 area, a multi-month peak and a move that represented a test of an upside price objective associated with upside pressure that emerged around the 17927.36 area. Upside price objectives related to buying pressure around the 16326.16 area include the 25455, 25774, 27609, and 28004 levels. Upside price objectives related to buying pressure around the 15460 area include the 23980, 24224, 26612, 26931, 29244, and 29639 levels.
Following the recent move higher to multi-month highs, technical support levels and areas of potential buying pressure are around the 22055, 20960, 20075, 19190, 18095, and 17930 levels. Stops are cited below the 21437, 20874, 20724, 20370, 20233, 20026, 19153, 18448, and 18253 levels. Below current price activity, technically significant areas include the 15900, 15512, 15313, 14500, 14364, 13369, 10727, 10432, 9682, 8837, and 7538 levels. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-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 22718.97 and the 100-bar MA (Hourly) at 22938.37.
Technical Support is expected around 18390.99/ 16714.46/ 14500.15 with Stops expected below.
Technical Resistance is expected around 23544.62/ 24224.60/ 25455.06 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 Bullishly above 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.