BTC/USD Flirts With 27901 Level:  Sally Ho’s Technical Analysis – 20 March 2023

Bitcoin (BTC/USD) remained within striking distance of some key levels early in the Asian session as the pair traded around the technically significant 27324 level after testing the 27901 area, an upside price objective linked to buying pressure around the 19568 area.  Traders recently lifted BTC/USD as high as the 27834.54 area, its strongest print since mid-June 2022.  Stops were elected above the 27609.48 level during the ongoing appreciation, an upside price objective linked to buying pressure that previously emerged around the 20333.33 area.  Stops were also previously 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 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

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Author: Sally Ho

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