Bitcoin (BTC) Encounters Selling Pressure
Bitcoin (BTC/USD) faced selling pressure in the Asian session, causing it to reverse and move lower from the 37653.67 area. This area represents a test of the 61.8% retracement of the previous range. Selling pressure intensified around the 37407.36 area, which is the 23.6% retracement level.
Fresh Highs and Price Objectives
BTC/USD recently reached a new eighteen-month high around the 37999 level after breaking through the 37516.08 area. This level was an upside price objective based on historical buying pressure. Another significant upside price objective is the 38602.40 area, which is related to buying pressure at different levels.
Stops Elected and Technical Support Levels
Large Stops were elected above the 35912.28 and 37362.84 areas, which are important technical levels related to the all-time high and historical buying pressure. After the recent increase, areas of technical support and potential buying pressure include levels such as 33499, 32873, 32561, 31351, and 30837.
Observations on Moving Averages
The moving averages provide some insights for traders. The 50-bar MA (4-hourly) is indicating bullishness above both the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). However, on an hourly basis, the 50-bar MA is bearishly indicating below the 100-bar MA but still above the 200-bar MA.
Price Activity and Technical Levels
The price activity is closest to the 50-bar MA (4-hourly) at 36811.03 and the 100-bar MA (hourly) at 36054.17. Technical support is expected around levels such as 31238.97, 30028.62, and 28818.26, with potential Stops below them. On the other hand, technical resistance is expected around levels like 38584.16, 39596.82, and 42721.31, with potential Stops above them.
Technical Analysis Indicators
On the 4-hourly chart, SlowK is bearishly below SlowD, while MACD is bullishly above MACDAverage. On the 60-minute chart, SlowK is bearishly below SlowD, and MACD is bearishly below MACDAverage.
Hot Take: Bitcoin Price Analysis
The recent selling pressure has caused Bitcoin’s price to reverse and move lower from key technical levels. However, it has also reached fresh highs and has upside price objectives based on historical buying pressure. Traders are closely monitoring moving averages for insights into bullish or bearish trends in the market. Additionally, there are areas of technical support and resistance that could influence future price movements. Overall, the technical analysis indicators suggest mixed signals for Bitcoin’s price in the short term.
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