Bitcoin Maintains Upward Bias Around Key Level
Bitcoin (BTC/USD) is continuing to orbit the 42230 level, which is the 50% retracement of its recent depreciating range. Stops have been elected above the 42575 and 43147.30 levels during the recent upswing, and upside price objectives include the 46105, 46487, and 49161 levels. On the other hand, a recent profit-taking pullback tested the 40256 area, and stops were elected below the 41458.35 level. Areas of potential support include the 38998, 38028, 37321, and 35285 levels.
Technical Indicators
The 50-bar MA (4-hourly) is indicating bullishness, along with the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). However, the 50-bar MA (hourly) is indicating bearishness, below the 100-bar MA (hourly) and the 200-bar MA (hourly). Price activity is nearest to the 50-bar MA (4-hourly) at 42970.21 and the 200-bar MA (hourly) at 42927.73. Technical support is expected around 37392.45/36720.55/35633.00, with stops below. Technical resistance is expected around 46487.10/47108.16/48240.00, with stops above.
Technical Analysis
On the 4-hourly chart, SlowK is bullishly above SlowD, while MACD is bullishly above MACDAverage. On the 60-minute chart, SlowK is bearishly below SlowD, while MACD is bullishly above MACDAverage.
Hot Take: Bitcoin Shows Signs of Upside Potential
Bitcoin is currently maintaining an upward bias and has shown signs of potential upside moves. Key levels to watch include the 42230 level and the recent profit-taking pullback around the 40256 area. Technical indicators suggest bullishness, with the 50-bar MA (4-hourly) and the 100-bar MA (4-hourly) indicating upside momentum. However, the 50-bar MA (hourly) is showing bearishness. Traders should keep an eye on support levels around 37392.45/36720.55/35633.00 and resistance levels around 46487.10/47108.16/48240.00. Overall, the outlook for Bitcoin remains positive, with potential price objectives at 46105, 46487, and 49161.
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