Bitcoin (BTC) Maintains Positive Momentum with Strong Prints
Bitcoin (BTC/USD) continues to show positive momentum as it reaches a fresh eighteen-month high, printing around the 38480 level. Major upside price objectives have been achieved during this surge, indicating strong buying activity. Technical levels to watch include the 43781.04 area and the 42230 and 42288 areas. On the other hand, there are also significant technical levels above the market that have historical selling pressure, such as the 69000 and 48240 areas.
Technical Support and Resistance Levels
After the recent appreciation, areas of support and potential buying pressure can be found at the 33499, 32873, 32561, 31351, and 30837 levels. Conversely, downside price objectives include levels such as 36705, 36528, and 36455. Traders are observing bullish indications from the moving averages on both the 4-hourly and hourly charts.
Price Activity and Technical Analysis
The price is currently closest to the 50-bar MA (4-hourly) at 37409.33 and the 100-bar MA (hourly) at 37557.93. Technical support is expected around levels such as 31238.97 and resistance is expected around levels like 38584.16. Looking at the technical indicators on both the 4-hourly and hourly charts, SlowK is showing bullish signs while MACD is also indicating bullishness.
Sally Ho’s Technical Analysis
For more detailed trading analysis from Sally Ho, you can view yesterday’s report.
Hot Take: Bitcoin Continues its Bullish Run
Bitcoin (BTC) is showing no signs of slowing down as it maintains its positive momentum, reaching new highs. The surge in buying activity has pushed the price above significant upside price objectives and historical selling pressure levels. With support levels identified and technical indicators pointing towards further bullishness, it seems that Bitcoin’s strong prints will continue in the near future.
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