Bitcoin Price Analysis: Bulls Eyeing 28451

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Bitcoin Price Analysis: Bulls Eyeing 28451

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BTC/USD Extends Upward Push: Sally Hos Technical Analysis – 27 March 2023

Bitcoin (BTC/USD) extended its upward trajectory early in the Asian session as the pair reached the 28009.16 level after Stops were elected above the 27933.78 level, representing a test of the 50% retracement of the recent depreciating range from 28839.68 to 27027.88. Additional upside retracement levels in this depreciating range include the 28147.57, 28412.10, and 28451.95. During the recent pullback, Stops were elected below the 27252.39 area, a downside price objective related to selling pressure around the 28839.68 and 28500 levels. Technical trading activity was also evident when BTC/USD was supported around the 26678.16 level during the depreciation, a test of the 23.6% retracement of the recent appreciating range from 19568.52 to 28937.73.

Following the recent appreciation, upside price objectives include the 29244.66, 29639.37, 30127.80, 30275.12, 30763.09, and 31477.37 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, 18116, 17720, 17523, 17457, 17230, and 17196 areas. 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 above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 27766.77 and the 100-bar MA (Hourly) at 27881.53.

Technical Support is expected around 25256.83/ 24224.60/ 21753.70 with Stops expected below.

Technical Resistance is expected around 29244.66/ 29639.37/ 30127.80 with Stops expected above.

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

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