Bitcoin Price Analysis: 27568 Pressure Intact

BTC/USD Challenged by 27568:  Sally Ho’s Technical Analysis – 24 April 2023

Bitcoin (BTC/USD) remained pressured early in the Asian session as the pair traded reached the 27776.67 area before giving up some progress, a move that represented a test of the 23.6% retracement of the recent depreciating range from 29526.98 to 27133.  Additional retracement levels in this depreciating range include the 28047, 28329, 28612, 28962, and 29014 levels.  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 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 28510.43 and the 50-bar MA (Hourly) at 27668.07.

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 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.