BTC/USD Orbiting 28004 Level: Sally Ho’s Technical Analysis – 22 March 2023
Bitcoin (BTC/USD) traded sideways early in the Asian session as the pair orbited the 28004.20 level, an upside price objective associated with previous buying pressure around the 16326.16 and 20370.01 areas. The pair ceded some recent gains after rocketing to its strongest print since early June 2023, trading as high as the 28578.63 level. Stops were elected above the 27901.68 and 28004.20 levels during the recent ascent, upside price objectives related to buying pressure that strengthened around the 19568.52 and 20370.01 levels. Following the recent appreciation, upside price objectives include the 29244.66, 29639.37, 30127.80, 30275.12, 30763.09, and 31477.37 levels. Buying pressure emerged around the 27218.36 level during a brief pullback, an upside price objective related to buying pressure around the 15460 level.
Traders recently lifted BTC/USD from the 24064.72 area during another recent pullback, a level that represents the 78.6% retracement of the depreciating range from 25288.88 to 19568.52. Following the ongoing appreciation, retracement levels and areas of potential technical support include the 27481, 26998, 26803, 26452, 26254, 26020, 25706, 25230, and 25136 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 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 25768.11 and the 50-bar MA (Hourly) at 27885.59.
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 Bullishly above SlowD while MACD is Bullishly above 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.