• Bitcoin (BTC/USD) worked to sustain significant gains early in the Asian session, easily eclipsing February’s multi-month highs.
• Stops were recently elected above several levels of selling pressure and upside price objectives related to buying pressure.
• Retracement levels and areas of potential technical support include several specific areas and there are also technically significant areas.
Bitcoin Price Gains
Bitcoin (BTC/USD) worked to sustain significant gains early in the Asian session as the pair printed above 26400 in its strongest showing since June 2022, easily eclipsing February’s multi-month highs around the 25288 area.
Technical Support & Resistance Levels
Upside retracement levels associated with selling pressure that intensified around the 25288 area include the 21753, 22428, 23103, 23938, and 24064 levels. Following the ongoing appreciation, retracement levels and areas of potential technical support include the 25451, 24905, 24769, 24218, 23885, 23667, 23061, 22985 ,and 22882 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. Additional technically significant areas include 15900 ,15512 15313 14500 14364 13369 10727 10432 9682 8837 and 7538 levels.
Moving Average Indicators
Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly). Also,the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly). Price activity is nearest to 200 bar MA(4 hourly at 22871.91 and 50 bar MA(Hourly ) at 23085.99 .
Upside Price Objectives
Upside price objectives related to buying pressure around 15460 and 16326 .16 area includes 26931 27609 28004 29244 29639 levels .
Sally Ho’s Technical Analysis is provided by a third party for informational purposes only; it does not reflect views of Crypto Daily nor is it intended to be used as legal tax investment or financial advice.