Bitcoin (BTC) Price Analysis
As a crypto trader, you’ll notice that Bitcoin (BTC/USD) has been trading technically early in the Asian session. Bears have tested the 34757.45 area, and significant stops were elected below the 34907 area as traders tested the 34658.69 level. However, BTC/USD continues to trade within striking distance of its recent eighteen-month high around the 37999 level.
Recent appreciation has led to technical support and potential buying pressure around the 33499, 32873, 32561, 31351, and 30837 levels. Traders are observing bullish indications for the 50-bar MA (4-hourly) and bearish indications for the 50-bar MA (hourly).
The price activity is nearest to the 100-bar MA (4-hourly) at 35443.37 and the 200-bar MA (Hourly) at 36247.93.
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 the 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage. On the 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
Hot Take: Bitcoin’s Technicals Under Pressure
In conclusion, BTC/USD faces a test of its technicals as bears continue to put pressure on key support levels, while traders watch for potential buying pressure and resistance areas to gauge future price movement.
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