BTC/USD Looks to Hold 26612:  Sally Ho’s Technical Analysis – 26 March 2023

Bitcoin (BTC/USD) remained confined to a relatively tight range early in the Asian session as the pair was a little better after trading as low as the 27027.88 area, representing a test of an upside retracement level associated with buying pressure around the 15460 level.   Stops were elected below the 27252.39 area during the ongoing depreciation, a downside price objective related to selling pressure around the 28839.68 and 28500 levels.  Technical trading activity was also evident when BTC/USD was supported around the 26678.16 level during a pullback, a test of the 23.6% retracement of the recent appreciating range from 19568.52 to 28937.73.  

Following the recent appreciation, upside price objectives include the 29244.66, 29639.37, 30127.80, 30275.12, 30763.09, and 31477.37 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)<

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Author: Sally Ho

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