• BTC/USD recently traded in a tight range as it moved between 23790.51 and 25288.88.
• Technical support levels and areas of potential buying pressure are around the 22944, 22717, 23171, 22236, 22201, 21523, 21514, 21416, 21366 and 20791 areas.
• Stops are cited below the 21047, 20874, 20724 and 20370 levels with upside price objectives related to buying pressure around the 16326.16 area including the 25455, 25774, 27609 and 28004 levels.
Price Activity
Bitcoin (BTC/USD) continued to trade sideways early in the Asian session as the pair traded as high as the 25288.88 area before ceding some short-term gains and moving back below the 25000 figure. Buying pressure recently emerged around the 23790.51 and 24363.19 levels representing 38.2% and 23.6% retracements of the recent appreciating range from 21366.45 to 25256.83 respectively; traders lifted BTC/USD as high as its strongest print since August 2022 at 25288.88 testing an upside price objective related to historical buying pressure around the 16326.16 and 20333.33 areas at 25455 level along with other related objectives at 25774, 27609 & 28004 levels respectively.
Technical Support & Resistance
Following recent move higher to multi-month highs technical support & resistance is expected around 18390.99/16714/1450015 with stops expected below & above respectively; technically significant areas include 15900 15512 15313 14500 14364 13369 10727 10432 9682 8837 & 7538 levels.
Moving Averages
Traders observe that 50-bar MA (4-hourly) is bullishly indicating above 100-bar MA (4-hourly) & 200-bar MA (4-hourly); also 50-bar MA (hourly) is bullishly indicating above 100-bar MA (hourly) & 200-bar MA (hourly). Price activity is nearest 50-bar MA(4 hourly) at 2347959 & 50 bar MA(Hourly) at 2462791.
Indicators
On 4 Hour chart SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage; on 60 minute chart SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
Disclaimer
Sally Ho’s Technical Analysis is provided by a third party for informational purposes only; it does not reflect views of Crypto Daily nor intended to be used as legal tax investment or financial advice