Bitcoin (BTC) Price Analysis: Renewed Bullish Momentum
Bitcoin (BTC/USD) is showing renewed bullish momentum as it encounters buying activity around the 43333.35 level. This marks a test of the upside price objective related to buying pressure around the 25983.78 area. The recent technical activity around the 42575 area represents a test of the 50% retracement of the previous downward range. Additionally, the recent high around 45000 tested the 45278.22 level, which is an upside price objective linked to historical advances.
Potential Upside Price Objectives
Looking ahead, there are several potential upside price objectives for Bitcoin. These include the 46105, 46487, and 49161 levels. Keep in mind that Stops are cited above these levels, indicating potential resistance.
Downside Risks and Support Levels
However, there are also downside risks to consider. Potential downside price objectives are located around the 40185 and 38773 areas. Recent profit-taking activity has seen Stops elected below the 41458.35 level, which is a downside price objective. Traders are advised to pay attention to support levels, including 38998, 38028, 37321, and 35285.
Technical Indicators
Technical indicators reveal a bearish crossover on the 4-hourly chart, with the 50-bar MA indicating below the 100-bar MA. However, on the hourly chart, the 50-bar MA is bullishly indicating above the 100-bar MA. It’s worth noting that BTC is currently closest to the 100-bar MA (4-hourly) at 42873.63 and the 50-bar MA (hourly) at 43745.91.
By
By
By
By
By