BTC/USD Orbits 27370: Sally Ho’s Technical Analysis – 26 April 2023
Bitcoin (BTC/USD) continued to suffer from bearish momentum early in the Asian session as the pair orbited the 27370.76 area, representing the 23.6% retracement of the broad appreciating range from 15460 to 31050. Stops were elected below the 27119.16 area during the extension of recent selling pressure, a downside price objective associated with recent selling pressure around the 29526.98 area, and BTC/USD faded to the 26965.14 area. Downside price objectives related to recent depreciating ranges and levels include the 26533, 26085, 25604, and 24103 levels. Following recent price activity, retracement levels and areas of potential technical resistance include the 29159, 29383, 29408, 29657, 29701, 29965, 30012, 30413, and 30472 levels.
Following recent price activity, retracement levels and areas of potential technical support include the 26664, 25309, 25094, 23954, 23255, and 21415 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. 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 above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 28509.19 and the 50-bar MA (Hourly) at 27478.57.
Technical Support is expected around 26533.04/ 25604.51/ 25094.62 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 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.