BTC/USD at Fresh Multi-Month Highs:  Sally Ho’s Technical Analysis – 31 March 2023

Bitcoin (BTC/USD) maintained positive momentum early in the Asian session as the pair sought to add to recent gains following a surge higher to the 29190.04 area, its strongest print since early June 2022.  Technical support around the 26525 level solidified the recent move higher, right around the 23.6% retracement of the appreciating range from 19568.52 to 28937.93.  Bulls are increasingly eyeing 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)

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Author: Sally Ho

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