Bitcoin (BTC/USD) attempted to retain some of the recent gains early in the Asian session as the pair orbited the 42000 figure after trading as high as the 43389.79 level, a test of the 78.6% retracement of the depreciating range from 45855 to 34322. Technical bids emerged above the 41949 area after BTC/USD escalated to the 43389 area, a level that represents the 50% retracement of the recent appreciating range from 40509 to 43389.79, and technical bids around the 38.2% retracement level later kept the pair bid around the 42289 area. The low during the subsequent pullback was also right around the 23.6% retracement of the appreciating range from 37560.40 to 43389.79. After BTC/USD recently tested the 50-hour simple moving average on the upside, Stops were elected below the 41147 and 40751 levels during the depreciation lower, downside price objectives related to recent selling pressure around the 42429 and 41711.07 levels. Additional related downside price objectives include the 40355, 39865, and 39074 levels.
Stops were recently elected above the 40079.12, 40673.54, 41409, and 41519.83 levels during the move higher, retracement levels related to the depreciating range from 42597.84 to 37560.40. Following the recent move higher, areas of potential technical support and buying pressure include the 37043, 36942, 36789, 36698, 36662, 36444, and 35698 areas. Areas of potential technical resistance and selling pressure include the 48485, 48710, 49121, 49409, 50966, 52059, and 53150 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 41041.35 and the 50-bar MA (Hourly) at 41795.54.
Technical Support is expected around 31639.47/ 29514.02/ 27271.02 with Stops expected below.
Technical Resistance is expected around 46600.89/ 47726.76/ 49019.35 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: This trading 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.
Source: https://cryptodaily.co.uk/2022/03/btc-usd-supported-with-technical-bids-on-pullbacks-sally-ho-technical-analysis-24-march-2022-btc-bitcoin