Bitcoin Price Analysis: 21419 Target Tested

BTC/USD Tests 21419 Target:  Sally Ho’s Technical Analysis – 14 February 2023

Bitcoin (BTC/USD) remained pressured early in the Asian session as the pair recently traded as low as the 21454.67 level, representing a test of the 21419.37 price objective that is associated with selling pressure around the 24262.18 and 23451.01 levels.  Traders recently lifted BTC/USD as high as the 22091.88 level, above another downside price objective around the 21962.63 area, before selling pressure resumed.   Following selling pressure that strengthened around the 22832.44 area, downside price objectives include the 20982.96, 20209.06, 19251.53, and 17703.74 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 21230, 20294, 19861, 19357, and 18822 levels.  Stops are cited below the 18199, 18024, 17537, and 17343 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 bearishly indicating below the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).

Price activity is nearest the 200-bar MA (4-hourly) at 21746.89 and the 50-bar MA (Hourly) at 21778.43.

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 Bearishly below SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below 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.