Bitcoin Price Analysis: Volatile After 28661 Test – 6 April 2023

BTC/USD Volatile After 28661 Test :  Sally Ho’s Technical Analysis – 4 April 2023

Bitcoin (BTC/USD) sought to extend recent upside pressure early in the Asian session as the pair traded mostly sideways after recently peaking around the 28799.99 level, its strongest print after climbing from the 27227.61 level.  Selling pressure intensified around the 28665 level, representing the 61.8% retracement of the short-term depreciating range from 28799.99 to 28436.18.  Additional selling pressure emerged around the 28579.77 level, right around the 38.2% retracement of the same depreciating range, and BTC/USD weakened to the 28322.56 area.  Buying pressure emerged around the 27227.61 level during the recent pullback after Stops were elected below the 27282.71 area, a downside price objective related to selling pressure that strengthened around the 28525 and 28259.15 levels.  Bulls continue to eye the 30127.80 area, an upside price objective associated with buying pressure around the 15460 and 19568.52 levels.

Following the recent appreciation, upside price objectives include the 29244.66, 29639.37, 30127.80, 30275.12, 30763.09, and 31477.37 levels.   Stronger long positions are eyeing price objectives around the 34658 and 35821 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 bearishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 28086.11 and the 50-bar MA (Hourly) at 28189.49.

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 Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below 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.