BTC/USD Challenged by 27568:  Sally Ho’s Technical Analysis – 24 April 2023

Bitcoin (BTC/USD) remained pressured early in the Asian session as the pair traded reached the 27776.67 area before giving up some progress, a move that represented a test of the 23.6% retracement of the recent depreciating range from 29526.98 to 27133.  Additional retracement levels in this depreciating range include the 28047, 28329, 28612, 28962, and 29014 levels.  Traders recently pushed BTC/USD as low as the 27133 area, a move that represented a test of the 27119.69 level that became technically significant when selling pressure strengthened around the 30012.14 area.  Downside price objectives related to recent depreciating ranges and levels include the 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 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 th

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Author: Sally Ho

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