Bitcoin Price Analysis: Capped Around 23504

BTC/USD Capped Around 23504:  Sally Ho’s Technical Analysis – 1 March 2023

Bitcoin (BTC/USD) continued to test technical levels early in the Asian session as the pair encountered selling pressure around the 23504 area, representing a test of the 23496 area that represents a price objective related to selling pressure around the 24786 level.   Buying pressure previously emerged around the 23204.16 area, representing a test of the 23224 area that is a price objective related to selling pressure around the 24132.67 area.  Traders recently pushed BTC/USD as low as the 22520 area during the ongoing pullback, representing a test of the downside price objective around the 22587 area that is associated with selling pressure around the 24132 area.  Bears were unable to test the 22366 area that represents a downside price objective associated with selling pressure around the 24262 and 23451 levels.  Additional downside price objectives include the 22366, 22074, 21949, 21919, 21756, 21386, 21161, 20982, 20471, 20209, 19886, and 19251 levels. 

Prior to the recent market weakness, the move to a fresh multi-month high around 25288.88 also represented a test of the 25455 level, an upside price objective related to historical buying pressure around the 16326.16 and 20333.33 areas.  Additional upside price objectives include the 25455, 25774, 26612, 26931, 27609, 28004, 29244, and 29639 levels.  Stops are cited below the 21047, 20874, 20724, and 20370 levels.  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 bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bearishly indicating below the 200-bar MA (hourly) and above the 100-bar MA (hourly).

Price activity is nearest the 100-bar MA (4-hourly) at 23342.07 and the 50-bar MA (Hourly) at 23420.51.

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 Bearishly below 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.