BTC/USD Orbiting 27901 Level: Sally Ho’s Technical Analysis – 28 March 2023
Bitcoin (BTC/USD) worked to sustain marginal gains early in the Asian session as the pair continued to orbit the 27901.68 level, an upside price objective associated with previous buying pressure around the 16326.16 area. The pair’s upside was recently limited by selling pressure that emerged around the 28013.95 area, right around the 38.2% retracement of the recent appreciating range from 26678.16 level to 28839.68. During the recent pullback, Stops were elected below the 27252.39 area, a downside price objective related to selling pressure around the 28839.68 and 28500 levels. Technical trading activity was also evident when BTC/USD was recently supported around the 26678.16 level during the depreciation, a test of the 23.6% retracement of the recent appreciating range from 19568.52 to 28937.73.
Following the recent appreciation, upside price objectives include the 29244.66, 29639.37, 30127.80, 30275.12, 30763.09, and 31477.37 levels. Following the ongoing appreciation, retracement levels and areas of potential technical support include the 25948, 25756, 25358, 24253, 24099, 23789, 23147, 22605, and 22198 levels. Below current price activity, downside price objectives include the 19266, 19132, 19106, 19006, 18981, 18919, 18822, 18116, 17720, 17523, 17457, 17230, and 17196 areas. 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 27860.47 and the 200-bar MA (Hourly) at 27854.29.
Technical Support is expected around 25256.83/ 24224.60/ 21753.70 with Stops expected below.
Technical Resistance is expected around 29244.66/ 29639.37/ 30127.80 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above 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.