Bitcoin Bulls Rampage and Test 42544
Bitcoin (BTC/USD) is gaining momentum as it maintains a positive technical bias. The pair is holding onto its recent significant gains near the 42159.92 level, its highest since April 2022. Stops have been triggered above the 40842 area, which was a previous downside price target from the historical selling pressure around the all-time high. Traders are now testing the 42721.31 level, which is an upside price target based on buying pressure at lower levels. Additional upside targets include the 42544, 46105, 46487, and 49161 levels.
There is a major upside target at 43781.04, linked to buying pressure from previous levels. For support, traders are looking at the 40874, 40619, 40413, 40079, 39666, 39437, and 39332 levels. Technical indicators show that the 50-bar MA (4-hourly) is positioned above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). The hourly chart also shows a bullish indication for the 50-bar MA above the 100-bar MA and the 200-bar MA.
Price activity is currently close to the 50-bar MA (4-hourly) at 38333.57 and the 50-bar MA (Hourly) at 39792.83. Technical support is expected around 37392.45, 36720.55, and 35633.00, with stops likely to be placed below these levels. On the other hand, technical resistance is anticipated at 42721.31, 44481.98, and 46219.09, with stops expected above these levels.
In terms of technical indicators, on the 4-hourly chart, SlowK is below SlowD, while MACD is above MACDAverage. On the 60-minute chart, SlowK is below SlowD, but MACD is above MACDAverage.
For more detailed analysis on yesterday’s trading activity, please refer to Sally Ho’s Technical Analysis.
Hot Take: Bitcoin Price Analysis
In summary, Bitcoin is currently experiencing a strong bullish trend, with prices reaching levels not seen since April 2022. The recent gains have triggered various upside price targets, with traders testing key levels of resistance. Technical indicators are favoring the bulls, with the MA indicators showing a bullish setup. Despite potential areas of support, the overall sentiment remains positive for Bitcoin. However, it’s important to keep an eye on the market and closely monitor key levels for any potential changes in the trend.
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