BTC/USD Peaks Above 31000: Sally Ho’s Technical Analysis – 16 April 2023
Bitcoin (BTC/USD) hovered around the 31000 figure early in the Asian session as the pair retained strong upward momentum after trading as high as the 31050 level following strong bids that emerged around the 30226.74 area, a test of the 61.8% retracement of the depreciating range from 30584.58 to 29675. Stops were elected above the 30763.09 area during the ongoing appreciation, an upside price objective linked to historical buying pressure around the 16326.16 area. Large Stops were elected above the 30275.12, 30127.80, 29639.37, and 29244.66 levels during the ongoing ascent, upside price objectives linked to buying pressure around the 15460, 19568.52, 20233.33, and 20380.01 levels. Upside price objectives include the 31477.37, 32501.23, 32989.19, 34583.96, 34658.69, 35222.66, 37765.28, and 38403.97 levels.
Another important price objective is the 31846.88 area, a level that represents the 50% retracement of the depreciating range from 48233.76 to 15460. Following the ongoing appreciation, retracement levels and areas of potential technical support include the 30368, 30147, 29946, 29831, 29589, 29455, and 29138 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 29118.37 and the 50-bar MA (Hourly) at 30324.97.
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 Bullishly above SlowD while MACD is Bullishly above 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.