Bitcoin Maintains Positive Momentum with Upside Targets
Bitcoin (BTC/USD) is showing positive upward momentum as it trades in the Asian session. The cryptocurrency reached a high of 27460.95, its strongest level since late August. During this appreciation, stops were triggered above the 26917.36 and 27393.46 areas, indicating buying pressure at levels around 24900 and 25763.43. Upside price targets include the 27982.53 and 28934.72 areas, with stops cited above these levels.
The rally gained further momentum when stops were triggered above the previous downside retracement level of 27099.76, which was associated with selling pressure around the 28184.89 and 27576.99 levels. Stops are also cited above a related retracement level around 27576.99.
Support and Resistance Levels to Watch
If there is a downside correction, key support levels to watch include 26830.89, 26461.90, 26163.67, 25865.44, and 25440.85. Further below, stops are expected below the level of 24197.68, which represents a downside price objective linked to selling pressure around the 30222 area.
Additional price objectives below the current market price include levels at 24511, 24339, 23164, 22949, 21496, and 20702.
Technical Indicators
Traders are noting that on the four-hourly chart, the bearish signal is indicated by the fact that the 50-bar moving average (MA) is below the 200-bar MA but above the 100-bar MA.
On the hourly chart, the bullish signal is indicated by the fact that the 50-bar MA is above both the 100-bar MA and the 200-bar MA.
Price and Technical Levels
The current price of Bitcoin is closest to the 200-bar MA on the four-hourly chart at 26500.79 and the 50-bar MA on the hourly chart at 26800.27.
Technical support is expected around levels of 24440.41, 23270.10, and 22769.39, with stops anticipated below these levels.
Technical resistance is expected around levels of 31986.16, 32989.19, and 34658.69, with stops expected above these levels.
Analysis Conclusion
The SlowK indicator on the four-hourly chart is bullish above SlowD, while MACD is also bullish above MACDAverage. On the hourly chart, however, SlowK is bearish below SlowD, while MACD remains bullish above MACDAverage.
Overall, Bitcoin is maintaining positive momentum and has potential upside targets to watch. Traders should keep an eye on key support and resistance levels as well as technical indicators to make informed trading decisions.
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