Bitcoin Price Analysis: Bears Take Out 28479

BTC/USD Bears Take Out 28479:  Sally Ho’s Technical Analysis – 21 April 2023

Bitcoin (BTC/USD) extended its recent pullback early in the Asian session as the pair remained heavy below the 29000 figure after crashing below the 28428.91 area, a previous price objective associated with buying pressure around the 27564.10 area in early April.  Traders knocked BTC/USD as low as the 28353.10 area after Stops were elected below the 28479.91 area, a downside price objective linked to selling pressure that intensified around the 30500 area.  Downside price objectives related to recent depreciating ranges and levels include the 28274, 28034, 27758, 27283, 27119, 26533, 26085, 25604, and 24103 levels.  Following recent price activity, retracement levels and areas of potential technical resistance include the 29159, 29383, 29408, 29657, 29701, 29965, 30012, 30413, and 30472 levels. 

Following recent price activity, retracement levels and areas of potential technical support include the 27370, 26664, 25309, 25094, 23954, 23255, and 21415 levels.  Upside price objectives include the 31477.37, 32501.23, 32989.19, 34583.96, 34658.69, 35222.66, 37765.28, and 38403.97 levels.   Another important price objective is the 31846.88 area, a level that represents the 50% retracement of the depreciating range from 48233.76 to 15460.   Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).

Price activity is nearest the 100-bar MA (4-hourly) at 29176.01 and the 50-bar MA (Hourly) at 29535.23.

Technical Support is expected around 28034.13/ 27887.62/ 26297.85 with Stops expected below.

Technical Resistance is expected around 31986.16/ 32989.19/ 34658.69 with Stops expected above.  

On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.                                   

Disclaimer: Sally Ho’s Technical Analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.