Bitcoin Price Analysis: Orbiting 23790 Level

BTC/USD Orbiting 23790:  Sally Ho’s Technical Analysis – 2 March 2023

Bitcoin (BTC/USD) continued to orbit a key technical level early in the Asian session as the pair hovered around the 23790.51 area, representing the 38.2% retracement of the appreciating range from 21366.45 to 25288.88.   Traders lifted BTC/USD as high as the 23999.99 area, a test of the 24013.81 level that represents a downside price objective related to selling pressure that strengthened around the 24132.67 area.  Buying pressure previously emerged around the 23204.16 area, representing a test of the 23224 area that is a price objective related to selling pressure around the 24132.67 area.  Traders recently pushed BTC/USD as low as the 22520 area during the ongoing pullback, representing a test of the downside price objective around the 22587 area that is associated with selling pressure around the 24132 area.  Additional downside price objectives include the 22366, 22074, 21949, 21919, 21756, 21386, 21161, 20982, 20471, 20209, 19886, and 19251 levels. 

Prior to the recent pullback, the move to a fresh multi-month high around 25288.88 also represented a test of the 25455 level, an upside price objective related to historical buying pressure around the 16326.16 and 20333.33 areas.  Additional upside price objectives include the 25455, 25774, 26612, 26931, 27609, 28004, 29244, and 29639 levels.  Stops are cited below the 21047, 20874, 20724, and 20370 levels.  Below current price activity, 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 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 200-bar MA (hourly) and above the 100-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 23725.47 and the 200-bar MA (Hourly) at 23752.71.

Technical Support is expected around 18390.99/ 16714.46/ 14500.15 with Stops expected below.

Technical Resistance is expected around 25455.06/ 25774.41/ 26612.64 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 Bearishly below 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.