Bitcoin (BTC) Price Analysis
If you’ve been following Bitcoin (BTC/USD), you’ll know that it has resumed its upward climb. The pair encountered more bids above the 38.2% retracement level and made some progress before pausing around the 50% retracement area. As significant stops were elected during the recent appreciation, there are upside price objectives associated with buying activity around certain levels. There are also areas of potential buying pressure and technical support following the ongoing appreciation.
Large stops were also recently elected, and traders have observed bullish indications in various moving averages. Price activity is nearest to the 50-bar MA at 35613.79 and the 50-bar MA at 36958.23, with technical support expected around certain levels and stops expected below those levels. Technical resistance is also expected around specific levels, with stops expected above them. Additionally, on the 4-hourly chart, SlowK is bearishly below SlowD while MACD is bearishly below MACDAverage. On the 60-minute chart, SlowK is bullishly above SlowD while MACD is bearishly below MACDAverage.
Hot Take: Bitcoin Continues Bullish Momentum
Bitcoin’s recent upward climb shows bullish momentum continuing as traders observe key levels of support and resistance in various moving averages. The current technical analysis suggests that Bitcoin’s price may continue its upward trend in the near term, indicating potential opportunities for traders to capitalize on this bullish momentum.
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