Bitcoin Reverses Losses, Attempts to Break Key Level
Bitcoin (BTC/USD) is making a recovery in the Asian session as it tries to break above the 26283.13 level. This level was a previous downside target due to selling pressure around the 28184.89 area. The cryptocurrency briefly dropped to the 24900 area but failed to sustain the downward break. A break below the 25462.40 level would increase bearish pressure, as it corresponds to recent selling pressure. Stops are positioned below the 24197.68 level, and additional price objectives lie at various levels below the market. Technical indicators show bearish signals, with the 50-bar MA (4-hourly) below the 100-bar MA (4-hourly) and 200-bar MA (4-hourly). On the hourly chart, the 50-bar MA is also below the 100-bar MA and 200-bar MA.
Key Levels and Technical Support
The nearest key levels are the 100-bar MA (4-hourly) at 26075.99 and the 200-bar MA (hourly) at 25800.57. Technical support is expected at 24440.41, 23270.10, and 22769.39, with stops expected below. On the other hand, technical resistance is expected at 31986.16, 32989.19, and 34658.69, with stops expected above.
Technical Analysis Highlights
On the 4-hourly chart, SlowK is above SlowD, indicating a bullish trend, while MACD is above MACDAverage, further supporting the bullish sentiment. The same bullish signals are seen on the 60-minute chart, with SlowK above SlowD and MACD above MACDAverage.
Hot Take: Bitcoin Price Analysis
Bitcoin is showing signs of a bullish reversal as it attempts to break above a key level. Although it briefly dropped to lower levels, the cryptocurrency failed to sustain the downward break, indicating potential buying pressure. However, a break below another key level could increase bearish pressure. Technical indicators show a bearish trend, but the recent recovery suggests a possible shift in momentum. Traders should closely monitor the key levels and technical support to gauge the future direction of Bitcoin. Overall, the market sentiment remains uncertain as Bitcoin continues to fluctuate within a volatile range.
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