BTC/USD Positive Sentiment Returns: Sally Ho’s Technical Analysis – 21 February 2023
Bitcoin (BTC/USD) reclaimed some positive upward momentum early in the Asian session as the pair traded as high as the 24983.79 level, representing a test of the 78.6% retracement of the recent depreciating range from 25200 to 23841.08. Buying pressure emerged around the 23841.08 area during a pullback, representing a test of the 38.2% retracement of the appreciating range from 21366.45 to 25256.83, and upside activity later intensified right around the 23.6% retracement of the same appreciating range. Traders recently lifted BTC/USD as high as the 25256.83 area, its strongest print since August 2022 and one that represented a test of the 25455 level, an upside price objective related to historical buying pressure around the 16326.16 and 20333.33 areas. Upside price objectives related to buying pressure around the 16326.16 area include the 25455, 25774, 27609, and 28004 levels.
Upside price objectives related to buying pressure around the 15460 area include the 26612, 26931, 29244, and 29639 levels. Following the recent move higher to multi-month highs, 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. Below current price activity, technically significant areas include the 15900, 15512, 15313, 14500, 14364, 13369, 10727, 10432, 9682, 8837, and 7538 levels. 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 bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 23304.97 and the 50-bar MA (Hourly) at 24598.13.
Technical Support is expected around 18390.99/ 16714.46/ 14500.15 with Stops expected below.
Technical Resistance is expected around 25455.06/ 25774.41/ 26612.64 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 Bearishly below 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.