Bitcoin Extends Recent Advances, Targets Upside Price Objectives
Bitcoin (BTC/USD) has continued its upward momentum, aiming to reach recent upside price objectives. Traders have pushed the pair above key levels, including the psychologically-significant $30,000 mark. This surge was triggered by the activation of Stops above various levels, such as $28,769.19, $29,151.68, and $29,964.38. These levels correspond to previous buying activity around $25,983 and $26,661.
The ascent also saw significant Stops being activated above the $29,514 area, which is a crucial technical level linked to selling pressure near the all-time high of $69,000. Other areas of potential resistance include $30,053 and $30,222. Additional Stops are noted above the $30,178 and $31,862 areas.
On the downside, bears are focused on previous downside price objectives ranging from $27,097 to $28,034. Stops are cited below certain levels like $24,155 and $23,270.
Technicians are keeping a close eye on three significant technical levels: $29,514, $23,438, and $20,195. These levels are associated with selling pressure observed at the price points of $69,000, $59,249, and $52,100 respectively.
In terms of moving averages (MA), the 50-bar MA (4-hourly) is indicating a bearish signal below the 100-bar MA (4-hourly) but above the 200-bar MA (4-hourly). Similarly for the hourly chart, the 50-bar MA is indicating a bullish signal above both the 100-bar MA and 200-bar MA.
Price Levels and Technical Indicators
The current price activity is closest to the 100-bar MA (4-hourly) at $27,406.31 and the 50-bar MA (hourly) at $27,477.67.
Technical support is expected around $24,440.41, $23,270.10, and $22,769.39, with Stops anticipated below these levels. On the other hand, technical resistance is projected around $31,986.16, $32,989.19, and $34,658.69, with Stops expected above these levels.
In terms of technical indicators on the 4-hourly chart, SlowK is bullish above SlowD, while MACD is also bullish above MACDAverage. However, on the 60-minute chart, SlowK is bearishly below SlowD, and MACD is bearishly below MACDAverage.
Hot Take: Bitcoin Continues to Surge Amidst Resistance Levels
Bitcoin has shown resilience in its recent upward movement as it aims to reach upside price objectives. The activation of Stops above key levels has propelled the cryptocurrency towards new heights, including the significant milestone of $30,000. However, there are potential obstacles ahead in the form of resistance levels and selling pressure from previous highs.
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