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BTC/USD Volatility Awakens: Sally Ho’s Technical Analysis – 24 March 2023
Bitcoin (BTC/USD) experienced increased volatility early in the Asian session as the pair remained above the 26612.64 area after being driven lower to test that level, representing an upside price objective associated with buying pressure around the 15460 and 20233.33 levels. The pullback also represented a test of the 23.6% retracement of the recent appreciating range from 19568.52 to 28937.73. Prior to this consolidation, BTC/USD was driven higher to establish a fresh multi-month high around the 28937.93 area, its strongest print since June 2022. Stops were elected above the 28578.63 level during the ascent, a recent multi-month high.
Following the recent appreciation, upside price objectives include the 29244.66, 29639.37, 30127.80, 30275.12, 30763.09, and 31477.37 levels. Following the ongoing appreciation, retracement levels and areas of potential technical support include the 25948, 25756, 25358, 24253, 24099, 23789, 23147, 22605, and 22198 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 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 26861.11 and the 100-bar MA (Hourly) at 27919.03.
Technical Support is expected around 25256.83/ 24224.60/ 21753.70 with Stops expected below.
Technical Resistance is expected around 29244.66/ 29639.37/ 30127.80 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.