Cryptocurrency is a rapidly growing phenomenon, and Bitcoin is leading the pack as one of the most popular digital assets. On April 4, 2023, the BTC/USD market was consolidating around the 28549.40 area, while experiencing some fluctuations after testing this level, which represented the 61.8% retracement of the depreciating range from 29190.04 to 27512.97. Throughout March of 2023, the Bitcoin market obtained an appreciation of 19.9%, and it had already gained about 68% since the beginning of the year.

Bulls were eyeing the 30127.80 area, an upside price objective, which had been established through buying pressure around the 15460 and 19568.52 levels. Moreover, traders were closely monitoring how BTC/USD would react around the 27324.79 area, which was also an established price objective due to buying pressure near the 15460 and 19568.52 levels.

Looking forward to the next days, traders could expect potential price objectives around the 29244.66, 29639.37, 30127.80, 30275.12, 30763.09, and 31477.37 levels. On the other hand, those betting on a market decrease could prepare for potential technical supports around the 25948, 25756, 25358, 24253, 24099, 23789, 23147, 22605, and 22198 levels.

At the moment, BTC/USD was nearest the 50-bar MA (4-hourly) at 27890.81 and the 50-bar MA (hourly) at 28272.61. Technical support was estimated around 25356.83/ 24224.60/ 21753.70, while technical resistance was estimated around 29244.66/ 29639.37/ 30127.80.

Overall, both the 50-bar MA (4-hourly) and the 50-bar MA (hourly) was indicating bullish sentiment. On 4-hourly charts, the SlowK indicator was above the SlowD, while the MACD indicator was below the MACDAverage. On the other hand, when looking at the hourly chart, the SlowK indicator was below the SlowD and the MACD indicator was above the MACDAverage.

It is important to note that the information provided by Sally Ho’s Technical Analysis is meant to be used for informational purposes only, not as legal, financial or tax advice. As the cryptocurrency market continues to grow and evolve, it is important to exercise due diligence before entering the market and be mindful of the potential risks that may come along with it.



Other News from Today