Bitcoin (BTC) Maintains Upward Trajectory
Bitcoin (BTC/USD) has maintained a minor upward trajectory in the Asian session. The pair has gained ground after testing the 61.8% retracement level of the recent range. Technical trading became evident as BTC/USD appreciated from the 61.8% retracement level. Short-term downside risks remain, with potential price objectives to the downside. The recent high around the $45,000 level represented an upside price objective. Above the market, there are additional upside price objectives. The recent profit-taking pullback tested the $40,256 area, triggering stops below the downside price objective. Technical support levels and potential buying pressure have been identified. Traders are observing the moving averages, which indicate bullish and bearish signals.
Price Levels and Technical Indicators
The price activity is closest to the 50-bar moving average on the 4-hourly and hourly charts. Technical support is expected at certain levels with potential stops below, while resistance levels and stops are expected above. On the 4-hourly chart, SlowK is bullish and MACD is bearish. On the hourly chart, SlowK is bearish and MACD is bullish.
Conclusion
Bitcoin (BTC/USD) has maintained an upward trajectory and is facing short-term downside risks. Traders should monitor the identified support and resistance levels, as well as the moving averages, for potential trading opportunities.
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