BTCUSD Technical Analysis | Forexlive

On the
daily chart below, we can see that Bitcoin seems to be bottoming near the 25231
support level as
we got a little rally from the double top at
26000. The recent hawkish repricing in rates expectations weighed on BTCUSD
which is mainly driven by liquidity and tighter conditions make it harder for
it to rally. The strong resistance at 30000 may have also seen some profit
taking.

We can
see that the entire rally after the Silicon Valley Bank collapse was diverging with the
MACD. This is
generally a sign of weakening momentum and it’s often followed by pullbacks or
reversals. The price did pull back to the 25231 support, although not
perfectly, so we are now at a crossroads waiting for a catalyst to push it
higher or lower.

BTCUSD Technical Analysis

On the 4 hour chart below, we can see that Bitcoin
recently rallied towards the last swing high where the price got rejected. The
sellers may be targeting the breakout of the 25231 support but at the moment it
looks like we will be stuck in this range between the 26000 support and 28300
resistance until we get a breakout on either side.

On the 1
hour chart below, we can see that BTCUSD is bouncing from the last swing high
at 27000 as the selloff got a bit overstretched from the blue 8 moving average.
Generally, the price either consolidates or pulls back to the moving average
for a new equilibrium. The buyers may lean on this support level with a defined
risk just below it and target the 27525 resistance where we can also find the
50% Fibonacci retracement level.

If the
buyers manage to break above that resistance, the next target will be a
breakout of the 28300 level. The sellers, on the other hand, are likely to lean
on that 27525 resistance for another selloff towards the 26000 support.
Alternatively, they may jump onboard if the price just falls through the 27000
level.