BTC/USD Extends Collapse Below 20000: Sally Ho’s Technical Analysis – 11 March 2023
Bitcoin (BTC/USD) remained at the mercy of bears early in the Asian session as the pair faced challenges in recovering from recent lows around the 19568.52 level, its weakest print since mid-January. Stops were elected below the 19886.03 level during the descent, a downside price objective related to selling pressure around the 24132.67 area. Stops were also elected below the 19646.70 area during the ongoing pullback, a downside price objective linked to selling pressure around the 24600.95 area. Additional downside price objectives include the 19266, 19132, 19106, 19006, 18981, 18919, 18822, 18116, 17720, 17523, 17457, 17230, and 17196 areas.
Following the recent selling pressure, upside retracement levels and areas of potential selling pressure include the 20918, 21753, 22428, 23103, 23938, and 24064 levels. The recent multi-month high around 25288.88 represented a test of the 25455 level, an upside price objective related to historical buying pressure around the 16326.16 and 20333.33 areas. 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 bearishly indicating below the 100-bar MA (4-hourly) and below 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 22132.47 and the 50-bar MA (Hourly) at 21119.47.
Technical Support is expected around 18390.99/ 16714.46/ 14500.15 with Stops expected below.
Technical Resistance is expected around 25455.06/ 25774.41/ 26612.64 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.