Bitcoin (BTC/USD) Continues to Moderate in Asian Session
Bitcoin (BTC/USD) is currently trading around the 34072 area, which represents the 50% retracement of its recent upward movement. During a period of depreciation, the price dropped below 34069.54, a level that indicates selling activity around 34843.04. However, downward pressure reversed around 33878, above another downside price objective at 33737.64.
The price has recently surpassed several upside price objectives, including levels at 33819, 33755, 34826, and 35035. The latest multi-month high around 35157 tested an upside price objective related to previous upward activity at levels of 29328 and 32525.
Upside Price Objectives and Technical Support
In addition to the aforementioned levels, there are more upside price objectives to watch for at 35718, 35982, 36115, 36541, and many more. On the other hand, major stops were triggered above the 34190.77 area during the surge higher.
Traders are currently observing bullish indications from moving averages on both the hourly and four-hourly charts. The nearest moving averages are at 31019.31 (4-hourly) and 34305.83 (hourly).
Technical Analysis and Support/Resistance Levels
Technical support is expected around levels of 31238.97, 30028.62, and 28818.26 with stops anticipated below these levels. On the other hand, technical resistance is expected at levels of 36541.57, 37239.15, and 38584.16 with stops expected above them.
In terms of technical indicators, the SlowK is currently below the SlowD on both the 4-hourly and 60-minute charts. Additionally, the MACD is bearishly below the MACDAverage on both timeframes.
For more detailed technical analysis, you can refer to Sally Ho’s Trading Analysis from yesterday.
Hot Take: Bitcoin (BTC/USD) in a Consolidation Phase
Bitcoin continues to trade within a consolidation phase, with its price orbiting around the 34072 area. While there have been some downward pressures and stops triggered, the overall trend remains bullish as the price has surpassed several upside price objectives. Traders are closely watching moving averages for further indications of market direction.
By
By
By
By
By
By