Fresh Technical Guidance for Bitcoin (BTC)
If you’re keeping an eye on Bitcoin (BTC/USD), you might be interested to know that the price has been testing the 78.6% retracement level of the recent decline. This level is significant because it confirms the technical relevance of the 50% retracement level, which BTC/USD has been orbiting. The price has experienced significant depreciation after reaching a multi-month high, triggering stop-loss orders along the way. There are also upside price objectives to consider, as bulls have their sights set on specific levels. In terms of technical indicators, the moving averages paint an interesting picture. Let’s take a closer look.
Potential Buying Pressure and Support Levels
For BTC/USD, potential areas of support and buying pressure can be found at the 39705, 38735, 37893, and 35857 levels. Traders have observed that the 50-bar moving average on the 4-hourly chart is indicating bullishness, while the 50-bar moving average on the hourly chart is indicating bearishness. It’s also worth noting that the price is currently closest to the 50-bar moving average on the 4-hourly chart and the 50-bar moving average on the hourly chart.
Technical Support and Resistance
When it comes to technical support and resistance levels, keep an eye on the 37392.45, 36720.55, and 35633.00 levels for potential support. On the other hand, resistance could be encountered at the 46487.10, 47108.16, and 48240.00 levels. It’s important to be aware of these levels as they can indicate potential breakouts or reversals in the price.
Technical Indicators: SlowK and MACD
Looking at the technical indicators, the SlowK on the 4-hourly chart is currently below the SlowD, suggesting a bearish signal. Additionally, the MACD on the same chart is below the MACDAverage, reinforcing the bearish sentiment. However, on the 60-minute chart, the SlowK is above the SlowD, indicating a bullish signal. The MACD on this chart is also above the MACDAverage, further supporting the potential for bullish movement.
Hot Take: BTC Awaits Technical Guidance
In summary, Bitcoin (BTC) is currently awaiting fresh technical guidance. The price has been testing important levels and experiencing volatility. Traders are closely watching the moving averages, support and resistance levels, as well as the SlowK and MACD indicators to get a better idea of the potential direction for BTC/USD. It’s essential to stay informed and monitor these factors to make well-informed trading decisions.
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