Bitcoin Price Analysis: 30000 Absorbed

BTC/USD Absorbs 30000:  Sally Ho’s Technical Analysis – 12 April 2023

Bitcoin (BTC/USD) sought to retain recent gains around the 30000 figure early in the Asian session as the pair retained strong momentum after trading as high as the 30457.40 level, its strongest print since early June 2022.  Large Stops were elected above the 30127.80 area during the ascent to a multi-month high, an upside price objective related to buying pressure that emerged around the 15460 and 19568.52 levels.   Additional Stops were later absorbed above the 30275.12 area during the climb, an area that is linked to buying pressure around the 20233.33 area.  Smaller Stops were previously triggered above the 29244.66 and 29639.37 levels during the appreciation, upside price objectives linked to buying pressure that intensified around the 20233.33 and 20370.01 levels.

Upside price objectives include the 30763.09, 31477.37, 32501.23, 32989.19, 34583.96, 34658.69, 35222.66, 37765.28, and 38403.97 levels.  Following the ongoing appreciation, retracement levels and areas of potential technical support include the 29529, 28955, 28491, 28027, 27887, 27453, 27366, 26918, and 26297 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 28343.09 and the 50-bar MA (Hourly) at 28917.67.

Technical Support is expected around 28491.20/ 27887.62/ 26297.85 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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bearishly below 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.