Bitcoin (BTC) Price Analysis
When you look at the recent Bitcoin (BTC/USD) price action, you’ll see that there has been a pullback from its recent high around the 37999 level. The pair is currently trading below the 36674.10 area, which represents the 38.2% retracement of the upward range from 34530.67 to 37999. During this depreciation, stops were triggered below the 36773.82 and 36690.35 levels, with downside price objectives related to selling pressure around the 37442.48 and 37548.80 levels.
Despite this pullback, BTC/USD remains within striking distance of its recent eighteen-month high around the 37999 level. Significant stops were recently triggered above the 34965.04, 37165.61, and 37516.08 levels during the appreciation, with upside price objectives linked to the 15460, 19568.52, 24750, and 24900 levels.
Traders are observing that the technical support and potential buying pressure areas include the 34757, 33499, 32873, 32561, 31351, and 30837 levels. The moving averages are also indicating bullish trends on both the hourly and four-hourly charts.
Technical Support and Resistance
Price activity is nearest the 50-bar MA (4-hourly) at 36042.57 and the 100-bar MA (Hourly) at 36923.89. Technical support is expected around 31238.97/30028.62/28818.26 with stops expected below these levels while technical resistance is expected around 38584.16/39596.82/42721.31 with stops expected above these levels.
MACD Analysis
On the hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
Sally Ho’s Technical AnalysisView Yesterday’s Trading Analysis
If you want to dive deeper into yesterday’s trading analysis for Bitcoin (BTC), you can check out Sally Ho’s Technical Analysis for more insights into this cryptocurrency’s recent performance.
Hot Take: What’s Next for BTC?
As Bitcoin (BTC) experiences a pullback from its recent highs, it remains to be seen whether it will find strong support at key levels or if further downside pressure will prevail in the short term.
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