Bitcoin Maintains Positive Momentum
Bitcoin (BTC/USD) continues to show a positive upside bias as it moderates after reaching its highest level since mid-July. The recent appreciation was supported by strong bids around the 29705.97 area, pushing BTC/USD above the 30965.48 level, which was historically low at around 3858. As the ascent continues, stops were triggered above the 29964.39 and 30127.80 levels, indicating further buying activity around the 24900 and 15460 areas. Additionally, BTC/USD rebounded after testing the 50-hour simple moving average, with upside price objectives set at 31674, 32127, and 32476.
Technical Support and Buying Pressure Levels
Following BTC/USD’s recent gains, there are several areas of technical support and potential buying pressure to watch. These include the levels at 29185, 28934, 28824, 28577, 28384, and 27944. Conversely, if the market drops below these levels, stops are expected to be triggered at lower price objectives such as 24155, 23270, 23204, 23164, 22949, 22028, 21496, 21242, and 20702. Traders are currently observing bullish indications from the moving averages on both the hourly and four-hourly charts.
Key Price Levels and Technical Analysis
The nearest key price levels are the 50-bar MA (4-hourly) at 28740.87 and the 50-bar MA (hourly) at 30018.93. Technical support is anticipated around levels of 24440.41, 23270.10, and 22769.39, with stops expected to be triggered below these levels. On the other hand, technical resistance is expected at levels of 31986.16, 32989.19, and 34658.69, with stops anticipated to be triggered above these levels. The 4-hourly chart shows a bearish signal in SlowK below SlowD, while the MACD is bullish above MACDAverage. In contrast, the 60-minute chart displays a bullish signal in SlowK above SlowD, and the MACD is also bullish above MACDAverage.
Hot Take: Bitcoin’s Positive Momentum Continues
Bitcoin (BTC/USD) maintains its positive momentum as it reaches its highest level since mid-July. Strong buying activity and support from moving averages suggest further upside potential for BTC/USD. However, traders should closely monitor key price levels and technical indicators to identify potential support and resistance areas. With the current bullish indications from moving averages on both the hourly and four-hourly charts, there is optimism for continued upward movement in BTC/USD. As always, it is important to stay informed about the latest technical analysis and trading insights to make well-informed decisions.
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