Bitcoin (BTC/USD) continued its downward trend early in the Asian session, trading below the key resistance level of 28000 after reaching a high of 28937.73 on March 25, 2023. This represents its strongest print since June 2022. Technical analysis by Sally Ho reveals that stops were elected at various levels during the pullback, with downside retracement levels related to recent selling pressure around the 28839.68 and 28500 levels.
The article highlights that bears are now eyeing a further decline towards the critical support level of $27,252, which is right around the 200-hour simple moving average. On March 25th, BTC/USD traded close to this level as it was supported around $26,678.
Technical traders can anticipate areas of potential technical support at retracement levels such as $25,948 - $24,253 and further down to $19,266 - $17,196 areas if prices continue to fall below current price activity.
Despite these bearish signals in short-term trading activity for BTC/USD , there are still upside price objectives including targets at $29.24466 ,$30.12780 and even higher than current highs reached earlier in March ($31 ,47737). The technical analysis also indicates expected resistance at these higher target levels.
Finally on hourly charts SlowK is bullish above SlowD while MACD is bearishly below MACDAverage implying mixed sentiment among traders but overall negative outlook currently prevails.
Disclaimer: Sally Ho’s Technical Analysis is provided by a third party and for informational purposes only; it does not reflect Crypto Daily's views nor intended to be used as legal or financial advice or recommendations about any particular asset or investment strategy