Bitcoin Sustains Upward Momentum, Tests Key Levels
Bitcoin (BTC/USD) has continued its upward trajectory, reaching a high of 34665.61 in the Asian session. This represents a test of the 78.6% retracement level from the recent decline. The price then pulled back to the 33000 level, testing the 23.6% retracement level from the recent increase. Buying pressure strengthened around the 33690.91 level, which aligns with historical selling pressure at 59249.
Stops were triggered above several upside price objectives, indicating a strong buying sentiment. Technically, the multi-month high at 35157 tested an upside price objective related to previous upward activity at 29328 and 32525.
Upside Price Objectives and Support Levels
Additional upside price objectives for Bitcoin include levels such as 35718, 35982, 36115, and more. Major stops were also triggered above the 34190.77 area, which had been a downside price objective related to historical selling pressure at all-time highs.
Technical support and potential buying pressure can be found at levels like 32992, 31652, and more. Traders are observing bullish indications from moving averages across different timeframes.
Key Technical Indicators
The nearest moving averages on the hourly and 4-hourly charts indicate the current price activity for Bitcoin. Technical support is expected at certain levels while resistance is expected at others.
The SlowK indicator is bullish above SlowD on both the 4-hourly and hourly charts, while MACD is also bullish above MACDAverage on both timeframes.
Sally Ho’s Technical AnalysisView Yesterday’s Trading Analysis
Hot Take: Bitcoin Continues to Rise, But Resistance Levels Await
Bitcoin has shown strong upward momentum, reaching new highs and surpassing key retracement levels. However, it faces several resistance levels ahead, which may slow down its ascent. Traders should closely monitor the price action and watch for any signs of a reversal or consolidation.
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