BTC/USD Pares Some Gains: Sally Ho’s Technical Analysis – 25 March 2023
Bitcoin (BTC/USD) continued to give back some recent gains early in the Asian session as the pair traded back below the 28000 figure after recently trading as high as the 28937.73 level, its strongest print since June 2022. Stops were elected below the 27858.73 and 27626.99 levels during the pullback, downside retracement levels related to recent selling pressure around the 28839.68 and 28500 levels. The 27252.39 area represents a related downside price objective, and this level is right around the 200-hour simple moving average. Technical trading activity was also evident when BTC/USD was supported around the 26678.16 level during a pullback, a test of the 23.6% retracement of the recent appreciating range from 19568.52 to 28937.73. Stops were elected below the 28329, 28014, 27758, and 27503 levels during the recent depreciation, retracement levels associated with the short-term appreciating range from 26678.16 to 28839.68.
Following the recent appreciation, upside price objectives include the 29244.66, 29639.37, 30127.80, 30275.12, 30763.09, and 31477.37 levels. Following the ongoing appreciation, retracement levels and areas of potential technical support include the 25948, 25756, 25358, 24253, 24099, 23789, 23147, 22605, and 22198 levels. Below current price activity, downside price objectives include the 19266, 19132, 19106, 19006, 18981, 18919, 18822, 18116, 17720, 17523, 17457, 17230, and 17196 areas. 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 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 27293.03 and the 100-bar MA (Hourly) at 28022.71.
Technical Support is expected around 25256.83/ 24224.60/ 21753.70 with Stops expected below.
Technical Resistance is expected around 29244.66/ 29639.37/ 30127.80 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 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.
Source: https://cryptodaily.co.uk/2023/03/bitcoin-price-analysis-bears-eyeing-27252-25-march-2023