Bitcoin (BTC) Maintains Positive Technical Bias
The price of Bitcoin (BTC/USD) has maintained a positive technical bias, trading above the 42230 area, which represents the 50% retracement of the range from its all-time high of 69000 to 15460. Bulls have pushed BTC/USD higher to the 43333.35 level, testing an upside price objective related to buying pressure around the 25983.78 area. Recent activity has also seen a test of the 50% retracement of the range from 45000 to 40150, with a multi-month high around the 45000 figure representing another upside price objective linked to historical advances. Upside price objectives above the market include the 46105, 46487, and 49161 levels.
Downside Risks and Technical Support
However, there are downside risks to consider as well. Downside price objectives can be found around the 40185 and 38773 areas, and recent profit-taking activity has seen stops elected below the 41458.35 level. Areas of technical support and potential buying pressure can be found at the 38998, 38028, 37321, and 35285 levels. Traders have noted that the 50-bar MA (4-hourly) is bearishly indicating, while the 50-bar MA (hourly) is bullishly indicating.
Price Activity and Technical Levels
The current price activity is closest to the 100-bar MA (4-hourly) at 42873.93 and the 50-bar MA (hourly) at 43751.87. Technical support is expected around 37392.45 / 36720.55 / 35633.00, with stops expected below. Meanwhile, technical resistance is expected around 46487.10 / 47108.16 / 48240.00, with stops expected above.
Technical Analysis Indicators
In the 4-hourly chart, the SlowK indicator is bullishly above SlowD, while the MACD is bearishly below MACDAverage. In the 60-minute chart, the SlowK indicator is bullishly above SlowD, and the MACD is bullishly above MACDAverage.
Hot Take: BTC Maintains Positive Technical Outlook, But Downside Risks Remain
Bitcoin (BTC) continues to maintain a positive technical bias, trading above key levels and testing upside price objectives. However, downside risks should not be ignored, as profit-taking and selling pressure have caused recent pullbacks. Traders should pay close attention to technical support levels and potential buying pressure, while monitoring resistance levels and potential stops. The current technical indicators suggest a mixed outlook, with bullish signals in shorter time frames but bearish signals in longer time frames. Overall, while Bitcoin’s price has been relatively strong, caution is advised due to the presence of both bullish and bearish factors in its technical analysis.
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