BTC/USD Seeking to Hold Advances:  Sally Ho’s Technical Analysis – 2 April 2023

Bitcoin (BTC/USD) clawed back some of its recent pullback early in the Asian session as the pair traded as high as the 28467.90 area after buying pressure emerged around the 28333.62 level.  Selling pressure strengthened around the 28826.45 level in recent trading sessions, representing a test of the 78.6% retracement of the recent depreciating range from 29190.04 to 27512.97.  At the end of March, BTC/USD absorbed the 28293.42 and 28344.24 levels, representing the 76.4% and 78.6% retracements of the same depreciating range.  BTC/USD appreciated approximately 19.9% in March and has gained about 71% year-to-date.   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

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Author: Sally Ho

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