Bitcoin (BTC) Maintains Positive Technical Bias
Bitcoin (BTC/USD) is showing a positive technical bias as it continues to hover around the 33819 area. This level is an upside price objective related to recent upward activity around the 29705 area. However, there is strong technical selling pressure at the 34500 level, which represents a test of the 61.8% retracement of the recent downward range from 35144 to 33400.
Recent price movements have triggered stops above several upside price objectives, including levels at 33819, 33755, 34826, and 35035. Major stops were also triggered above the 34190.77 area during the price appreciation, which was a previous downside price objective linked to historical selling pressure around the all-time high levels.
Upside Price Objectives and Support Levels
The recent multi-month high around 35157 tested an upside price objective at the 35035 area, associated with recent upward activity at levels of 29328 and 32525. Additional upside price objectives to watch for include levels at 35718, 35982, 36115, 36541, and many more.
If there is a pullback in price, areas of technical support and potential buying pressure can be found at levels of 32992, 31652, and others. Traders are noting that various moving averages indicate bullishness on the hourly and four-hourly charts.
Technical Analysis Indicators
The 50-bar MA (4-hourly) is indicating bullishness above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). On the other hand, the hourly chart shows that the 50-bar MA is indicating bearishness below the 100-bar MA but above the 200-bar MA.
Price activity is currently closest to the 50-bar MA (4-hourly) at 32468.01 and the 100-bar MA (hourly) at 34165.47. Traders are expecting technical support at levels of 31238.97, 30028.62, and 28818.26, with stops anticipated below these levels. Meanwhile, technical resistance is expected at levels of 36541.57, 37239.15, and 38584.16, with stops anticipated above them.
MACD and SlowK Analysis
On the 4-hourly chart, SlowK is indicating bullishness above SlowD, while MACD is indicating bearishness below MACDAverage. On the hourly chart, SlowK is indicating bearishness below SlowD, while MACD is indicating bullishness above MACDAverage.
Sally Ho’s Technical AnalysisView Yesterday’s Trading Analysis
Hot Take: Bitcoin Maintains Positive Bias as Technical Selling Pressure Persists
Bitcoin continues to exhibit a positive technical bias despite facing strong selling pressure at key resistance levels. The recent surge in price triggered stops above several upside price objectives, but technical support and potential buying pressure can be found at various levels if there is a pullback.
Traders are closely monitoring moving averages on different timeframes to gauge market sentiment. Additionally, indicators such as MACD and SlowK provide insights into short-term trends.
While Bitcoin faces challenges in breaking through resistance, its overall upward trajectory remains intact. Investors should keep a close eye on key support and resistance levels to make informed trading decisions.
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