Bitcoin Bulls Break Through 38000 Level
Bitcoin (BTC/USD) made significant gains as it surpassed the 38000 level, fueled by strong buying activity from the 36888 level. The bulls pushed BTC/USD to the 38013 area after breaking through the 38066.89 area, which was a key price objective associated with buying pressure. The next target for the bulls is the 38602.40 area, which is also a crucial upside price objective.
Key Technical Levels to Watch
Traders are keeping an eye on several important technical levels. These include historical selling pressure areas at 69000 and 48240, as well as support and buying pressure levels at 40503, 41225, and 42230. Recent price action has seen large stops being elected above the 35912.28 and 37362.84 areas, which are related to the all-time high of 69000 and previous buying pressure levels.
Bullish Indications in Moving Averages
The moving averages on both the 4-hourly and hourly charts are providing bullish indications. The 50-bar MA (4-hourly) is above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). On the other hand, the 50-bar MA (hourly) is below the 100-bar MA (hourly) but still above the 200-bar MA (hourly).
Technical Support and Resistance Levels
The nearest technical support levels for BTC/USD are expected around 31238.97, 30028.62, and 28818.26, with potential stops expected below these levels. On the other hand, resistance levels to watch out for are 38584.16, 39596.82, and 42721.31, with potential stops expected above.
MACD and SlowK Indicators
In terms of technical indicators, the SlowK on the 4-hourly chart is bullish and above the SlowD, while the MACD is also bullish and above the MACDAverage. However, on the 60-minute chart, the SlowK is bearish and below the SlowD, while the MACD remains bullish and above the MACDAverage.
Hot Take: Bitcoin Bulls Gain Momentum
The recent surge in Bitcoin’s price has shown strong bullish momentum as it breaks through key resistance levels. With the moving averages and technical indicators providing positive signals, there is a possibility of further upside potential for BTC/USD. Traders will be closely watching the 38602.40 area as an important target for the bulls. However, it is crucial to keep an eye on support levels in case of a retracement. Overall, Bitcoin’s upward trajectory indicates growing confidence in the cryptocurrency market.
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