BTC/USD Bulls Assume Control: Sally Ho’s Technical Analys – 17 Feb 2023
Bitcoin (BTC/USD), which maintained strong upward momentum in the Asian session, explored bids above 24000 after its sharp ascent to a multi-month high at the 24903 level. Stops were made above a number of upside price targets during the massive rally. These included the 23980.62 level and the 24224.60 level. The 25455, 25774, 27698, and 28004 levels are upside price objectives for buying pressure in the 16326.16 region. The 26612, 26931, 29639, and 29244 levels are upside price objectives for buying pressure in the 15460 region.
Technical support levels and areas of possible buying pressure have increased to multi-month highs following the recent move higher. They are at the 23833, 23171, 23134 and 22878, 22878, 22134, 22878, 22878, 22878, 22134, 22878, 22878, 22878, 22674, 22101 and 21439 areas. Stops are not cited below the 21047 and 20874 levels. Technically significant areas below current price activity include the 15900 and 15512 levels. The 50-bar MA (4 hourly) is bearish and indicates below the 100-bar MA (4 hourly) and above 200-bar MA (four hoursly). The 50-bar MA is an hourly indicator that is bullish, indicating that it is above the 100-bar MA and above the 200 bar MA (hourly).
Price activity is close to the 100-bar MA (4 hourly) at 22832.33 or the 50-bar MA (5 hourly) at 23109.81.
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 below SlowD, while MACD is Bullishly Above MACDAverage.
On a 60-minute chart SlowK is Bearishly Below SlowD, while MACD is Bearishly Below MACDAverage.
Disclaimer: Sally Ho’s Technical Analysis is provided by a third-party and is 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.
