Bitcoin (BTC) Technical Analysis
Bitcoin (BTC/USD) kickstarted the Asian session on a positive note, rising from the 36205.89 level to reach 36578.27. The upside momentum gained strength from the 36367.24 level, close to the 50% retracement of the recent upward movement from 34758.64 to 37987. Despite a minor pullback, BTC/USD continues to trade close to its recent high near the 37999 mark. Significant stops were recently triggered above the 34965.04, 37165.61, and 37516.08 levels, envisioning upside price targets at 15460, 19568.52, 24750, and 24900 levels, with further aims at 38602, 42721, and 44481.
The surge to eighteen-month highs also saw large stops being hit above the 35912.28 and 37362.84 levels. Technical support and potential buying pressure are expected around 33499, 32873, 32561, 31351, and 30837 levels. Observing technical indicators, the 50-bar MA (4-hourly) is indicating bullish movements, along with the 100-bar and 200-bar MAs, while the 50-bar MA (hourly) shows bearish indications below the other MAs.
Price activity is closest to the 50-bar MA (4-hourly) at 36696.37 and the 200-bar MA (Hourly) at 36682.83. Anticipated technical support levels are at 31238.97, 30028.62, and 28818.26, with corresponding stops just below. On the resistance front, levels to watch out for are 38584.16, 39596.82, and 42721.31, with stops anticipated above these marks. In addition, the SlowK and MACD indicators on both the 4-hourly and 60-minute charts provide further insight into the bullish and bearish movements for BTC.
Hot Take
Bitcoin (BTC) maintained its upward momentum, trading close to an eighteen-month high and presenting both upside targets and support levels for traders to consider. The technical indicators point towards potential bullish moves, but the market will need to negotiate key resistance levels to continue the positive trajectory.
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