BTC/USD Holds Above Key Support Level at 26612: Technical Analysis – 26 March 2023
Bitcoin (BTC/USD) remains in a tight range with a test of an upside retracement level, while technical indicators suggest a mixed outlook.
Bitcoin (BTC/USD) has been trading in a relatively tight range early in the Asian session, hovering above the key support level of 26612. The pair dipped to a low of 27027.88 but managed to hold above the critical support level, representing an upside retracement level associated with buying pressure around the 15460 level. The ongoing depreciation has seen stops being elected below the 27252.39 area, with a downside price objective related to selling pressure around the 28839.68 and 28500 levels. Technical trading activity was also evident when BTC/USD was supported around the 26678.16 level during a pullback, a test of the 23.6% retracement of the recent appreciating range from 19568.52 to 28937.73.
Despite the recent appreciation, upside price objectives include the 29244.66, 29639.37, 30127.80, 30275.12, 30763.09, and 31477.37 levels. On the other hand, retracement levels and areas of potential technical support include the 25948, 25756, 25358, 24253, 24099, 23789, 23147, 22605, and 22198 levels. Downside price objectives include the 19266, 19132, 19106, 19006, 18981, 18919, 18822, 18116, 17720, 17523, 17457, 17230, and 17196 areas.
Technical indicators suggest a mixed outlook, with the 50-bar MA (4-hourly) indicating bullishness above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Meanwhile, the 50-bar MA (hourly) is indicating bearishness below the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Looking at the 4-hourly chart, SlowK is bearishly below SlowD, while MACD is bearishly below MACDAverage. On the 60-minute chart, SlowK is bearishly below SlowD, while MACD is bullishly above MACDAverage.
In conclusion, BTC/USD is holding above the critical support level of 26612, and technical indicators suggest a mixed outlook. Traders are advised to observe the support and resistance levels mentioned above to plan their trading strategies accordingly.
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