Bitcoin (BTC/USD) Reaches 30421.29 as Stops are Elected Above 30354
Bitcoin (BTC/USD) has continued to gain momentum, reaching the 30421.29 area in the Asian session. This increase in price was a result of Stops being elected above the 30196.25 and 30354.83 areas. The buying pressure around the 29757.44 area has also contributed to these gains.
Key Points:
– Upside price objectives related to the recent buying pressure include the 30526, 30611, 30762, and 31145 areas.
– There are additional upside price objectives around the 32125 and 33569 areas, with Stops cited above these levels.
– Areas of technical support and potential buying pressure can be found at the 29145, 28306, 27466, 26428, and 26272 levels.
– The 28095.44 area represents the 23.6% retracement of the historical depreciating range.
– The 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).
– The 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Technical Support and Resistance:
– Price activity is closest to the 50-bar MA (4-hourly) at 30369.61 and the 100-bar MA (hourly) at 30090.97.
– Technical Support is expected around 24440.41/23270.10/22769.39, with Stops expected below.
– Technical Resistance is expected around 31986.16/32989.19/34658.69, with Stops expected above.
Hot Take:
Bitcoin has experienced an increase in price, reaching 30421.29. Despite some bearish indicators, the buying pressure and potential upside price objectives indicate a positive trend. Traders should continue to monitor the technical support and resistance levels for potential trading opportunities.
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