Bitcoin Price Analysis: Orbiting 28340

BTC/USD Orbiting 28340:  Sally Ho’s Technical Analysis – 22 April 2023

Bitcoin (BTC/USD) remained under pressure early in the Asian session as the pair continued to orbit the 28340.37 area, representing the 23.6% retracement of the broad appreciating range from 19568.52 to 31050.   The pair was unable to sustain a recent brief rebound to the 28371.88 area and extended the sell-off to the 27815 area.  Stops were recently elected below the 28479.91 area, a downside price objective linked to selling pressure that intensified around the 30500 area.  Downside price objectives related to recent depreciating ranges and levels include the 27758, 27283, 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 28407.77 and the 50-bar MA (Hourly) at 28692.51.

Technical Support is expected around 27283.59/ 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 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.