Bitcoin Price Analysis: 27119 Target Tested

BTC/USD Tests 27119 Target:  Sally Ho’s Technical Analysis – 23 April 2023

Bitcoin (BTC/USD) remained near recent multi-session lows early in the Asian session as the pair continued to orbit the 27283.59 area, a downside price objective associated with selling pressure that intensified around the 29102.69 area.  Traders recently pushed BTC/USD as low as the 27133 area, a move that represented a test of the 27119.69 level that became technically significant when selling pressure strengthened around the 30012.14 area.  Downside price objectives related to recent depreciating ranges and levels include the 27119, 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 27370, 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 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 below the 200-bar MA (hourly).

Price activity is nearest the 200-bar MA (4-hourly) at 28492.91 and the 50-bar MA (Hourly) at 27895.21.

Technical Support is expected around 27119.16/ 26533.04/ 25604.51 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 Bearishly below 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.