Bitcoin (BTC) Price Analysis: Bullish Momentum as Year End Approaches
Bitcoin (BTC/USD) continues to show resilience as it reached the 43250.72 area in the Asian session. This move came after testing the upside price objective linked to buying pressure at the 25983.78 and 29328.04 levels. Additionally, it tested the 61.8% retracement of the previous downward range. Stops were elected above the 43046 and 43136 levels during this upward movement.
However, there are still downside risks with potential price objectives at the 40185 and 38773 areas. Recent profit-taking activity triggered stops below the 41458.35 level, which was a downside price objective related to selling pressure at the 44754 and 44049 areas.
Technical support and buying pressure can be seen at levels such as 38998, 38028, 37321, and 35285. The indicators suggest a bearish sentiment, with the 50-bar MA (4-hourly) below the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). The 50-bar MA (hourly) is also below the 100-bar MA (hourly) and the 200-bar MA (hourly).
Key Levels to Watch
Based on the technical analysis, the nearest resistance levels to watch are 46487.10, 47108.16, and 48240.00. Stops are expected to be triggered above these levels. On the other hand, support levels can be found at 37392.45, 36720.55, and 35633.00. Stops are expected to be triggered below these levels.
Technical Indicators
On the 4-hourly chart, the SlowK is above SlowD, indicating bullish momentum, while the MACD is below the MACDAverage, suggesting a bearish signal.
On the 60-minute chart, the SlowK is above SlowD, indicating bullish momentum, and the MACD is above the MACDAverage, further supporting a bullish outlook.
Overall, Bitcoin shows bullish resolve as the year comes to an end. Despite some downside risks, the cryptocurrency remains resilient and is currently experiencing upward momentum.
Hot Take: Bitcoin Maintains Bullish Momentum as 2023 Ends
As 2023 draws to a close, Bitcoin continues to display its strength, with the price showing positive movement in the Asian session. Despite some potential downside risks, such as profit-taking and selling pressure, the cryptocurrency remains resilient. Technical analysis indicates key support and resistance levels to watch, along with the bearish and bullish signals from different indicators. Overall, Bitcoin’s bullish resolve suggests a positive outlook as the year concludes.
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