Bitcoin (BTC) Price Analysis: Technicals Looming Large During Pullback
Bitcoin (BTC/USD) is currently facing selling pressure around the 37346.16 area, testing the 50% retracement of its recent range. However, buying pressure has emerged around the 36715.10 area, representing a test of the 78.6% retracement. The major downside price objective is at 36259.61, with stops cited below. Stops were triggered below the 37218 and 36837 levels during the retreat lower, which are downside price objectives related to recent selling pressure around the 37761.93 area.
Additional downside price objectives include various levels ranging from 36705 to 35220. On the other hand, areas of support and potential buying pressure after the recent appreciation can be found at levels such as 33499 and 30837. Significant technical levels above the market are linked with historical selling pressure around the 69000 and 48240 areas.
Technical Analysis
Traders are observing that the 50-bar MA (4-hourly) is indicating bullishness above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). Meanwhile, on the hourly chart, the 50-bar MA is indicating bearishness below the 100-bar MA but bullishness above the 200-bar MA.
The price activity is closest to the 50-bar MA (4-hourly) at 37239.33 and the 200-bar MA (hourly) at 37216.77.
Support and Resistance Levels
Technical support is expected around levels such as 31238.97, 30028.62, and 28818.26, with stops expected below. On the other hand, technical resistance is expected around levels like 38584.16, 39596.82, and 42721.31, with stops expected above.
Technical Indicators
On the 4-hourly chart, SlowK is indicating bullishness above SlowD, while MACD is indicating bearishness below MACDAverage. On the hourly chart, SlowK is indicating bullishness above SlowD, and MACD is indicating bullishness above MACDAverage.
Sally Ho’s Technical AnalysisView Yesterday’s Trading Analysis
Hot Take: Bitcoin Faces Selling Pressure Amidst Technical Analysis
Bitcoin (BTC) is currently experiencing selling pressure as it tests retracement levels amidst its recent pullback. The cryptocurrency encountered additional selling pressure around a key area and has seen a decline in price. However, there are also signs of buying pressure emerging at certain levels, which could potentially provide support for Bitcoin’s price. Technical analysis shows various downside price objectives and areas of potential support and resistance for the cryptocurrency. Traders are closely monitoring moving averages to gauge market sentiment and direction. Overall, Bitcoin’s price movement remains uncertain as it navigates through these technical indicators.
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