• Bitcoin (BTC/USD) continues to trade sideways within a tight range.
• Buying pressure recently emerged around the 23790.51 and 24363.19 levels, representing the 38.2% and 23.6% retracements of the recent appreciating range from 21366.45 to 25256.83.
• Technical support levels and areas of potential buying pressure are around the 22944, 22717, 23171, 22236, 22201, 21523, 21514, 21416, 21366, and 20791 areas with upside price objectives related to buying pressure around the 16326.16 area reaching up to 28004 levels .
Overview
Bitcoin (BTC/USD) continued to trade sideways early in the Asian session as it seesawed between 25000 and 25288.88 area – its strongest print since August 2022 – testing an upside price objective related to historical buying pressure around the 16326.16 and 20333.33 areas.
Upside Price Objectives
Upside price objectives related to buying pressure around the 16326.16 area include the 25455 level as well as 25774, 27609, and 28004 levels while those related to buying pressure around the 15460 area include 26612, 26931, 29244, and 29639 levels respectively overall providing some positive sentiment for traders in this market as BTC/USD trades within a tight range currently..
Technical Analysis
Traders are observing that both 50-bar MA (4-hourly) & hourly charts indicate bullish trend above both 100-bar & 200-bar MA respectively while technical support is expected around 18390.99/ 16714.46/ 14500.15 with Stops expected below along with technical resistance being expected at 25455/25774/26612 with stops above these respective points on 4-Hourly chart SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage similarly on 60-minute chart SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage too providing further insight into this market’s activity currently..
Significance Support Levels & Areas
Significantly important support levels and areas of potential buying pressure are seen at 22944 , 22717 , 23171 , 22236 , 22201 , 21523 , 21514 , 21416 , 21366 , 20791 which could be used by traders as possible entry points along with 15900 , 15512 , 15313 14500 14364 13369 10727 10432 9682 8837 7538 levels being monitored closely too representing key indicators for this market’s current activity..
Disclaimer
This article should not be taken as legal advice or investment advice but rather for informational purposes only according Sally Ho’s Technical Analysis report provided by a third party provider and does not reflect views of Crypto Daily either..