Bitcoin (BTC) Remains on Defensive
Bitcoin (BTC/USD) is currently on the defensive in the Asian session, awaiting fresh technical guidance after a significant pullback to the 40300 area. This pullback has tested the 100-bar, 4-hour simple moving average and the 23.6% retracement of the recent upward movement. The depreciation has triggered stops below key technical levels, including 43044, 42583, and 42159. Stops were also triggered below the downside price objective of 41458.35. The recent high of 45000 has tested the 45278.22 level, an upside price objective that links to historical advances around the 3858 level.
Upside Price Objectives and Support Levels
Above the current market, upside price objectives include levels such as 46105, 46487, and 49161, with stops cited above them. On the other hand, areas of technical support and potential buying pressure are expected at 38998, 38028, 37321, and 35285. Traders are noting that the 50-bar moving average (MA) is bullishly indicating above the 100-bar MA and the 200-bar MA on the 4-hour chart. The 50-bar MA on the hourly chart, however, is bearishly indicating below the 100-bar MA and above the 200-bar MA.
Key Price Levels and Technical Analysis
Currently, the nearest 50-bar MA (4-hourly) is at 42653.87, and the 200-bar MA (hourly) is at 42574.63. Technical support is expected around 37392.45, 36720.55, and 35633.00 with stops anticipated below these levels. On the other side, technical resistance is expected around 46487.10, 47108.16, and 48240.00 with stops projected above them. When looking at the 4-hourly chart, SlowK is bullishly above SlowD, while MACD is bearishly below MACDAverage. On the 60-minute chart, SlowK and MACD are both bearishly below SlowD and MACDAverage.
Hot Take: BTC Remains Under Pressure
Bitcoin (BTC) continues to face downward pressure as it awaits new technical guidance, following a significant pullback and a testing of key levels. Stops were triggered below important technical levels, indicating a bearish sentiment in the market. However, there are still upside price objectives to watch for, and areas of technical support offer potential buying opportunities. Traders are closely monitoring the moving averages, as they suggest bullish signals on the 4-hour chart but bearish signals on the hourly chart. Overall, the current state of BTC is uncertain, and further analysis is needed to determine its next move.
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