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BTC/USD Reaches New Multi-Month High: Sally Ho’s Technical Analysis – 18 March 2023
Bitcoin (BTC/USD) powered higher near fresh multi-month highs early in the Asian session as the pair worked to advance past the 27033.04 level, its strongest print since mid-June 2022. Stops were elected above the 26931.99 area during the rapid ascent, an upside price objective linked to recent buying pressure around the 20370.01 level. Following the recent appreciation, upside price objectives include the 27324.79, 27609.48, 27901.68, 28004.20, 29244.66, 29639.37, 30127.80, 30275.12, 30763.09, and 31477.37. Traders recently lifted BTC/USD from 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.
Following the ongoing appreciation, retracement levels and areas of potential technical support include the 25817, 25271, 25065, 24457, 24181, 23850, and 23300 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. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and above the 100-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 23066.43 and the 50-bar MA (Hourly) at 25075.97.
Technical Support is expected around 21753.70/ 19568.52/ 18390.99 with Stops expected below.
Technical Resistance is expected around 27609.48/ 28004.20/ 29244.66 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.