BTC/USD Bearish Volatility:  Sally Ho’s Technical Analysis – 20 April 2023

Bitcoin (BTC/USD) remained volatile early in the Asian session as the pair was unable to sustain a move to the 30500 level and came off to the 29010 area, a move that represented a test of a downside price objective associated with selling pressure around the 30622.38 area.  Stops were also elected below the 29079.16 area, representing the 61.8% retracement of the appreciating range from 28162.49 to 31050.  The 28818.82 area represents a downside price objective associated with selling pressure that strengthened around the 30572.10 area, and the 28843 and 28780 areas represent areas of potential technical support associated with the appreciating range from 28162.49 to 31050.  Large Stops were also recently triggered below the 30147, 29831, 29606, 29589, and 29455 levels during the sell-off, areas of potential technical support and buying pressure linked to bids that emerged around the 27860 and 27227 levels.

Following recent price activity, retracement levels and areas of potential technical support include the 28816, 28687, 28613, 28544, 28129, and 28045 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 the depreciating range<

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Author: Sally Ho

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