BTC/USD Orbiting 28042:  Sally Ho’s Technical Analysis – 9 April 2023

Bitcoin (BTC/USD) continued to orbit a short-term technical level early in the Asian session as the pair did not stray far from the 28042.91 area, representing the 61.8% retracement of the depreciating range from 28199.11 to 27790.21.  The pair has been pressured since peaking around the 28175.89 area and BTC/USD tested the 28014.86 area, representing the 38.2% retracement of the appreciating range from 27716.77 to 28199.11.  Earlier, BTC/USD depreciated as low as the 27716.77 area, representing a test of a downside price objective around the 27726.99 level that became technically significant following selling pressure around the 28770.47 and 28323.86 levels.  Related downside price objectives include the 27480, 27176, and 26683 levels, and additional price objectives related to selling pressure around the 28111.54 area include the 27594, 27230, 26867, 26418, and 25691 levels.

Bulls continue to eye the 30127.80 area, an upside price objective associated with buying pressure around the 15460 and 19568.52 levels.  Following the most 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 potenti

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Author: Sally Ho

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