Bitcoin Price Analysis: Bids at 24064

BTC/USD Elevated Volatility Returns:  Sally Ho’s Technical Analysis – 16 March 2023

Bitcoin (BTC/USD) continued to experience elevated volatility early in the Asian session as the pair orbited the 25000 figure after recently trading as high as the 26553.90 level, its strongest print since June 2022.  Buying pressure emerged around the 24064.72 area during a recent pullback, a level that represents the 78.6% retracement of the depreciating range from 25288.88 to 19568.52.  Stops were recently elected above the 25288.88 area, February’s multi-month high, after Stops were triggered above the 21753, 22428, 23103, 23938, and 24064 levels.  Upside price objectives related to buying pressure around the 15460 and 16326.16 areas include the 26931, 27609, 28004, 29244, and 29639 levels.

Following the ongoing appreciation, retracement levels and areas of potential technical support include the 25451, 24905, 24769, 24218, 23885, 23667, 23061, 22985, 22882, 22236, and 21882 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.  Additional 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 bearishly indicating below the 100-bar MA (4-hourly) and below 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 200-bar MA (4-hourly) at 22932.11 and the 50-bar MA (Hourly) at 24602.53.

Technical Support is expected around 21753.70/ 19568.52/ 18390.99 with Stops expected below.

Technical Resistance is expected around 26931.99/ 27609.48/ 28004.20 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 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.