Bitcoin (BTC) Price Analysis
As you look at Bitcoin’s technical analysis, you’ll see that it maintains a positive bias early in the Asian session. It’s trading above the 34129.25 area, indicating a 23.6% retracement of the appreciating range from 28122.57 to 35997.80. The recent higher lows suggest that there may be continued positive range expansion above recent 18-month highs around the 35997.80 level, which is its strongest print since May 2022.
Bitcoin’s recent long-term high represented a test of an upside price objective related to recent buying pressure around the 28122 and 32525 areas. Additionally, the recent high also tested the 50% retracement of a historical depreciating range from 69000 to 15460, as well as the 61.8% retracement of the depreciating range from 48240 to 15460.
Technical Support and Resistance
Following the surge higher, areas of technical support and potential buying pressure include levels at 33761, 33378, 32377, 31758, 31259, and 30448. On the flip side, traders are observing that technical resistance is expected around levels at 36541.57, 37239.15, and 38584.16.
The current price activity is closest to the 50-bar MA (4-hourly) at 34661.93 and the 50-bar MA (Hourly) at 34923.27 with expected support around levels at 31238.97/30028.62/28818.26 and expected resistance around levels at 36541.57/37239.15/38584.16.
Trending Indicators
When looking at the charts, SlowK is Bearishly below SlowD on the four-hourly chart while MACD is Bullishly above MACDAverage on that same chart as well as on the hourly chart.
Hot Take
Bitcoin’s price analysis indicates a positive bias with potential for continued positive range expansion above recent highs. However, traders should remain cautious and observe support and resistance levels closely for potential buying or selling opportunities.
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