Bitcoin (BTC) Price Analysis: Technicals Point to 41087
Bitcoin (BTC/USD) is currently lacking technical clarity, with the pair trading as low as the 40150 area. However, there is selling pressure around 42088.56, while bids have emerged around 40553.15. The trading activity is centered around 41087.80, which is the 38.2% retracement of the recent range. The recent pullback was a test of the 40256 area after stops were elected below 41458.35. Additional stops were triggered below several significant technical levels during the depreciation.
Upside Price Objectives and Support Levels
The recent high of around 45000 tested the 45278.22 level, an upside price objective linked to historical advances. Above the market, upside price objectives include 46105, 46487, and 49161. Areas of support and potential buying pressure include 38998, 38028, 37321, and 35285.
Technical Indicators
Traders are observing the bullish indication of the 50-bar MA (4-hourly) above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). However, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and the 200-bar MA (hourly). Price activity is closest to the 100-bar MA (4-hourly) at 40652.81 and the 50-bar MA (hourly) at 41370.59.
Support and Resistance Levels
Technical support is expected around 37392.45, 36720.55, and 35633.00, with stops expected below. On the other hand, technical resistance is expected around 46487.10, 47108.16, and 48240.00, with stops expected above.
Technical Analysis
On the 4-hourly chart, SlowK is bullish above SlowD, while MACD is bearishly below MACDAverage. On the 60-minute chart, SlowK is bullish above SlowD, and MACD is also bullish above MACDAverage.
Hot Take: Bitcoin’s Technical Outlook
Bitcoin is currently showing mixed technical indicators, with bullish signals on higher timeframes but bearish indications on shorter timeframes. The lack of clarity in the price action suggests that traders should be cautious and closely monitor key levels and indicators. While there are upside price objectives to watch for, there is also potential support in lower areas. Overall, market participants are advised to stay informed and adapt their strategies accordingly in this volatile market.
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