Bitcoin Maintains Modest Gains as Bulls Take Control
Bitcoin (BTC/USD) is holding onto its modest gains as buying activity continues to support the cryptocurrency. The pair is currently trading around the 43781.04 level, with upside price objectives at 19568.52 and 24750. In recent sessions, stops have been triggered above the 42721.31 and 44481.98 levels, further fueling the upward momentum. The recent surge has brought Bitcoin to a multi-month high near the 45000 mark, testing the strong resistance at 45278.22. If Bitcoin manages to break through, additional upside price objectives can be found at 46105, 46487, and 49161. On the other hand, support levels can be seen at 40256, 38998, 38028, 37321, and 35285.
Technical Indicators Point to Bullish Momentum
Multiple technical indicators suggest a bullish outlook for Bitcoin. Traders are noting that the 50-bar MA (4-hourly) is above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly), indicating a bullish trend. The same can be observed for the 50-bar MA (hourly) which is above the 100-bar MA (hourly) and the 200-bar MA (hourly). These indicators further support the positive momentum for Bitcoin’s price. Currently, the price is closest to the 50-bar MA (4-hourly) at 41064.27 and the 50-bar MA (hourly) at 43602.93.
Key Support and Resistance Levels to Watch
Traders should pay attention to the key support and resistance levels for Bitcoin. Technical support is expected around 37392.45, 36720.55, and 35633.00, with stops anticipated below these levels. On the other hand, technical resistance can be seen at 46487.10, 47108.16, and 48240.00, with stops potentially triggered above these levels.
Technical Analysis Signals Mixed Trends
When looking at the 4-hourly chart, SlowK is currently bullish while SlowD is above MACDAverage. However, the MACD is bearishly below MACDAverage, indicating mixed signals. On the 60-minute chart, SlowK is bullish and above SlowD, while the MACD is also bullish and above MACDAverage, suggesting a more positive trend.
Hot Take: Bitcoin Maintains its Bullish Momentum
Bitcoin continues to show resilience and maintain its modest gains as bulls take control of the market. The recent surge in price, along with the support from technical indicators, suggests that the positive momentum is likely to continue. Traders should keep an eye on the key support and resistance levels, as well as the technical analysis signals, for further insights into Bitcoin’s future movement. Overall, Bitcoin remains a strong contender in the cryptocurrency market.
By
By
By
By
By