Bitcoin (BTC) Price Analysis
If you’ve been following Bitcoin (BTC/USD) trading, you’ll know that the pair has maintained strong positive momentum early in the Asian session. It’s currently within striking distance of its eighteen-month high around the 37999 level. Stops were recently elected above the 37165.61 area during the appreciation, an upside price objective related to buying pressure around the 15460 and 24750 levels. Significant Stops were also elected above the 34965.04 and 37516.08 levels during the recent appreciation to BTC/USD’s strongest print since May 2022, with additional upside price objectives in these ranges.
Areas of technical support and potential buying pressure include the 34757, 33499, 32873, 32561, 31351, and 30837 levels. Large Stops were also recently elected above the 35912.28 area, representing the 38.2% retracement of the depreciating range from the all-time high of 69000 to 15460. Additionally, major Stops were triggered above the 37362.84 area during the steep climb to eighteen-month highs.
Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Technical Indicators
Price activity is nearest the 50-bar MA (4-hourly) at 35682.23 and the 50-bar MA (Hourly) at 36992.71. Technical Support is expected around 31238.97/30028.62/28818.26 with Stops expected below.
Technical Resistance is expected around 38584.16/39596.82/42721.31 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
Hot Take
Bitcoin continues to maintain its upward trajectory, reaching new highs and triggering significant Stops along the way as it breaks through resistance levels. This bullish momentum indicates a positive outlook for BTC/USD trading in the near future, with potential for further gains as technical indicators remain strong.
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