Bitcoin (BTC/USD) is continuing its bearish trend, with the price hovering around the 200-bar, 4-hour simple moving average. The recent low print at around 26521.32 tested the 78.6% retracement level of the previous upward movement. During this downward movement, stops were triggered below the 27097.06 and 27029.82 levels, indicating further downside price objectives at around 28288.88. Other potential downside targets include the 26365 and 25770 levels.
There are also accumulating stops below various downside targets such as 24155, 23270, and 20702 areas. On the other hand, there are areas of technical resistance and potential selling pressure at levels like 28934, 29228, and 30222. Stops are cited above the 30178 and 31862 levels.
Traders are observing three significant technical levels to watch: 29514, 23438, and 20195. These levels are associated with previous selling pressure at higher price points.
In terms of moving averages, the bullish signal is seen as the 50-bar MA (4-hourly) is above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). However, on an hourly chart, the bearish signal is present as the 50-bar MA is below both the 100-bar MA and the 200-bar MA.
The current price activity is closest to the 200-bar MA (4-hourly) at around 26813.23 and the 50-bar MA (hourly) at around 26805.97.
Technical support is expected at levels around 24440.41, 23270.10, and 22769.39 with stops anticipated below those levels. On the other hand, technical resistance can be expected at levels around 31986.16, 32989.19, and 34658.69 with stops anticipated above.
In terms of technical indicators, the SlowK is bullish above SlowD on the 4-hourly chart, while the MACD is also bullish above the MACDAverage. However, on the 60-minute chart, the SlowK is bearish below SlowD, while the MACD is bullish above the MACDAverage.
Overall, Bitcoin continues to show a bearish technical bias in the short-term, with key support and resistance levels to watch. Traders should monitor these levels and technical indicators for potential trading opportunities.
Sally Ho’s Technical AnalysisView Yesterday’s Trading Analysis
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