Bitcoin Maintains Positive Momentum as It Orbits Key Area
Bitcoin (BTC/USD) is showing some positive momentum as it continues to orbit around the 23.6% retracement level at 29746.40. The cryptocurrency tested the 50% and 61.8% retracement levels at 29788 and 29896 before pulling back. Upside price objectives are seen at levels such as 30688, 31674, 32127, and 32476.
Areas of Support and Buying Pressure
Following its recent advances, BTC/USD has areas of technical support and potential buying pressure at levels including 29185, 28934, 28824, 28577, 28384, and 27944. On the downside, stops are cited below price objectives like 24155, 23270, and 20702.
Positive Indicators on Technical Charts
Traders are observing bullish indications on the technical charts. The 50-bar MA (4-hourly) is above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). Similarly, the hourly chart shows the same bullish indications for the moving averages.
Price Levels and Support/Resistance Areas
The nearest price levels to watch are the 50-bar MA (4-hourly) at 28122.57 and the 50-bar MA (hourly) at 29329.77. Technical support is expected around levels like 24440.41, while resistance is expected at levels such as 31986.16.
Bullish and Bearish Signals on Charts
The SlowK indicator on the 4-hourly chart is bullish, while the MACD is also bullish. On the other hand, the 60-minute chart shows a bearish SlowK and a bearish MACD.
Hot Take: Bitcoin’s Positive Momentum Continues
Bitcoin (BTC/USD) is maintaining its positive momentum as it hovers around a key area of support. The recent advances have shown strong buying pressure and upside price objectives are being targeted. Technical indicators on both the 4-hourly and hourly charts suggest a bullish outlook. However, there are also some bearish signals to consider. Overall, Bitcoin’s price movements indicate a continued upward trend with areas of support and resistance to watch. Traders should closely monitor these levels for potential trading opportunities.
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