BTC/USD Technical Bids Support Gains: Sally Ho’s Technical Analysis – 15 April 2023
Bitcoin (BTC/USD) extended its recent upside progress early in the Asian session as the pair tested the 30400 level during additional buying activity, representing a test of the 78.6% retracement of the recent depreciating range from 30584.58 to 29675. Buying pressure emerged around the 29675 area during a pullback, representing a test of the 38.2% retracement of the recent appreciating range from 28162.49 to 30584.58. Additional bids emerged around the 29776.89 area, representing a test of the 23.6% retracement of the broader appreciating range from 27227.61 to 30584.58. Traders recently pushed BTC/USD as high as the 30584.58 area, its strongest print since early June 2022. Large Stops were elected above the 30275.12, 30127.80, 29639.37, and 29244.66 levels during the ongoing appreciation, upside price objectives linked to buying pressure around the 15460, 19568.52, 20233.33, and 20380.01 levels.
Upside price objectives include the 30763.09, 31477.37, 32501.23, 32989.19, 34583.96, 34658.69, 35222.66, 37765.28, and 38403.97 levels. Following the ongoing appreciation, retracement levels and areas of potential technical support include the 29659, 29544, 29373, 29302, 29222, 28906, and 28509 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 28821.83 and the 50-bar MA (Hourly) at 30092.37.
Technical Support is expected around 28491.20/ 27887.62/ 26297.85 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 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.