Bitcoin Sustains Positive Momentum, Targets Upside Price Objectives
Bitcoin (BTC/USD) has seen increasing positive momentum in the Asian session, with stops being elected above key price areas. The buying pressure around the 25983 and 26661 areas has led to an upside price objective of 27941.54 being reached. Further stops were elected above the 28029 area, related to earlier upside activity around 24900.
Bulls are now focused on additional upside price objectives at levels including 28404, 28498, 28769, and 29151. However, there are also areas of technical resistance and potential selling pressure at levels such as 28614, 28769, and 28934. Stops are cited above the 28614.25 level.
On the downside, areas of technical support and potential buying pressure can be found at levels including 27298, 27194, and 26988. Stops are accruing below downside price objectives such as 24155 and 23270.
Key Technical Levels to Monitor
Technicians are closely monitoring three significant technical levels: 29514, 23438, and 20195. These levels are related to selling pressure observed around the levels of 69000, 59249, and 52100 respectively. Traders note that the moving averages indicate bullish signals on both the hourly and four-hourly charts.
Price Activity and Technical Support/Resistance
The current price is closest to the 50-bar MA (4-hourly) at 27201.53 and the 100-bar MA (hourly) at 27629.29. Technical support is expected around levels of 24440.41, 23270.10, and 22769.39, with stops expected below. On the other hand, technical resistance is expected at levels of 31986.16, 32989.19, and 34658.69, with stops expected above.
Technical Analysis on Charts
On the 4-hourly chart, SlowK is bullishly above SlowD, while MACD is bullishly above MACDAverage. Similarly, on the 60-minute chart, SlowK is bullishly above SlowD, and MACD is bullishly above MACDAverage.
Hot Take: Bitcoin Shows Strong Positive Momentum
Bitcoin has been experiencing a sustained positive momentum, reaching upside price objectives and surpassing key resistance levels. Bulls are focused on further upside targets, while technical support levels provide potential buying opportunities. Traders are closely monitoring significant technical levels for potential selling pressure. The moving averages indicate bullish signals on both hourly and four-hourly charts. Overall, Bitcoin’s current price activity and technical indicators suggest a strong positive trend in the market.
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