BTC/USD Bears Growing: Sally Ho’s Tech Analysis – 25 Feb 2023
Bitcoin (BTC/USD), which experienced a lower technical sentiment in the Asian session, was capped at the 24027.97 level and then came off. This is a bearish test for a price objective that is associated with selling pressure between the 25288.88 & 24749.96 levels. When selling pressure dropped around the 23685 level, technical trading activity was evident. This is a test for a downside price objective that was associated with selling pressure strengthening around the 24600.95 level. Other downside price objectives are the 23496, 23364 and 23302 levels. The recent rise to a new multi-month high at 25288.88 was also a test of 25455, an upside price objective related historical buying pressure in the 16326.16 or 20333.33 areas. The 25455, 25774, 276909 and 28004 levels are upside price targets for buying pressure in the 16326.16 region.
The 26612, 26931 and 29244 levels are upside price targets for buying pressure in the 15460 region. Technical support levels and areas of possible buying pressure around the 22944, 22171, 23171, 22236 and 22201 areas have increased to multi-month highs. Stops are not cited below the 21047 and 20874 levels. Technically significant areas below current price activity include the 15900 and 15512 levels. Traders are noticing that the 50-bar MA (4 hourly) is bullish and indicates above the 100-bar MA (4 hourly) as well as the 200-bar MA (four hours). The 50-bar MA is an hourly indicator that is bearish. It is below the 100-bar MA for an hour and below the 200 bar MA for an hour.
Price activity is closest to the 50-bar MA (4 hourly) at 24256.11, and the 50 bar MA (Hourly), at 23994.07.
Technical Support is expected to be around 18390.99/16714.46/14500.15, with Stops expected below.
Technical Resistance is expected to be around 25455.06/25774.41/ 26612.64, with Stops expected to be higher.
On the 4-Hourly chart SlowK is Bearishly lower than SlowD, while MACD is Bearishly lower than MACDAverage.
On a 60-minute chart SlowK is Bearishly Below SlowD, while MACD is Bearishly Below MACDAverage.
Disclaimer: Sally Ho’s Technical Analyses are provided by a third-party and are intended to be used for informational purposes only. It does not represent the views of Crypto Daily and is not intended to be used for legal, tax, investment or financial advice.
