Bitcoin Price Analysis: Is 25234 Within Your Sight Again?
As a crypto reader, you may be interested to know that Bitcoin (BTC/USD) is currently facing challenges at the 25859.37 and 25843 levels. These levels are downside price objectives linked to selling pressure around the 30222 and 27576.99 areas. The 50-hour simple moving average has also acted as a resistance in recent trading sessions. Bears were unable to reach the 25462.40 and 25344.24 levels during the ongoing depreciation, resulting in shorts being covered around the 25307.37 area. However, they anticipate another test of the 25128.94 area, which is a downside price objective associated with downward pressure around the 30421.29 level.
It is worth noting that stops are cited below the 24197.68 level, which is another downside price objective related to selling pressure around the 30222 area. There are additional price objectives below the current market, such as the 24511, 24339, 23164, 22949, 21496, and 20702 areas. On the other hand, there is technical support and potential buying pressure in appreciating ranges from the 15460 and 19568.52 levels, including the 23661, 22793, and 21725 levels.
Traders are closely observing the moving averages. The 50-bar MA (4-hourly) is indicating a bearish trend below the 200-bar MA (4-hourly) and above the 100-bar MA (4-hourly). Similarly, the 50-bar MA (hourly) is indicating a bearish trend below both the 100-bar MA (hourly) and the 200-bar MA (hourly).
The current price activity is closest to the 100-bar MA (4-hourly) at 26177.07 and the 50-bar MA (hourly) at 25810.17. For technical support, you can expect it around 24440.41, 23270.10, and 22769.39, with stops expected below these levels. On the other hand, technical resistance is expected around 31986.16, 32989.19, and 34658.69, with stops expected above.
When looking at the 4-hourly chart, it is observed that SlowK is bearishly below SlowD, while MACD is bullishly above MACDAverage. On the 60-minute chart, SlowK is bearishly below SlowD, and MACD is also bearishly below MACDAverage.
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