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Bitcoin Price Analysis: Rockets Above 26000 – 15 March 2023

Bitcoin Price Analysis:  Rockets Above 26000 - 15 March 2023

BTC/USD Rockets Above 26000:  Sally Ho’s Technical Analysis – 15 March 2023

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.  Stops were recently elected above the 21753, 22428, 23103, 23938, and 24064 levels during the move higher, upside retracement levels associated with selling pressure that intensified around the 25288 area.  Upside price objectives related to buying pressure around the 15460 and 16326.16 areas include the 26931, 27609, 28004, 29244, and 29639 levels.  Following the ongoing appreciation, retracement levels and areas of potential technical support include the 25451, 24905, 24769, 24218, 23885, 23667, 23061, 22985, 22882, 22236, and 21882 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 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 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 the 200-bar MA (4-hourly) at 22871.91 and the 50-bar MA (Hourly) at 23085.99.

 

Technical Support is expected around 21753.70/ 19568.52/ 18390.99 with Stops expected below.

Technical Resistance is expected around 26931.99/ 27609.48/ 28004.20 with Stops expected above.  

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above 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, nor is it intended to be used as legal, tax, investment, or financial advice.

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