Bitcoin (BTC/USD) Volatility Continues: Major Downside Target
Bitcoin (BTC/USD) is experiencing expanding volatility in the Asian session. Here are the key points:
– BTC/USD is hovering around the 26000 figure, after trading as low as 25350.
– The recent low of 25234.76 represents a major downside target.
– Major Stops were elected below the 27620.46 area during the decline.
– Technical support and potential buying pressure levels include 23661, 22793, and 21725.
– Technical resistance and potential selling pressure levels include 26798, 27139, 27728, 27766, 28316, 28548, 29154, 29330, and 30443.
Technical Analysis Breakdown
– 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly).
– 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
– Price activity is nearest the 50-bar MA (4-hourly) at 27110.97 and the 50-bar MA (Hourly) at 26008.43.
– 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.
– On the 4-Hourly chart, SlowK is bearishly below SlowD while MACD is bullishly above MACDAverage.
– On the 60-minute chart, SlowK is bearishly below SlowD while MACD is bearishly below MACDAverage.
Hot Take
Bitcoin’s volatility continues to make trading challenging. With major downside targets and key technical levels to watch, it is crucial for crypto readers to closely monitor BTC/USD and adjust their strategies accordingly. Stay informed and prepared for potential buying and selling pressure in the market.
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