Bitcoin (BTC) Price Analysis
If you’re following the Bitcoin (BTC) price, here’s what you need to know. BTC/USD experienced a selloff to the 42181.68 area before starting to recover. The selling pressure intensified around 44424.36, just shy of testing the recent relative high at 45000. Above the market, there are upside price objectives at 46105, 46487, and 49161. On the downside, potential buying pressure can be found at the 38998, 38028, 37321, and 35285 levels.
Technical Indicators
The technical indicators show that the 50-bar MA (4-hourly) is below the 100-bar MA (4-hourly) but above the 200-bar MA (4-hourly). The 50-bar MA (hourly) is below the 100-bar MA (hourly) but above the 200-bar MA (hourly). This indicates a bearish trend in the short term. The price activity is closest to the 100-bar MA (4-hourly) at 42819.93 and the 50-bar MA (hourly) at 43097.19.
Support and Resistance Levels
Technical support can be expected around 37392.45, 36720.55, and 35633.00, with stops anticipated below these levels. On the other hand, technical resistance is expected at 46487.10, 47108.16, and 48240.00, with stops predicted above these levels.
Technical Analysis on Charts
On the 4-hourly chart, the SlowK is below SlowD, and the MACD is below the MACDAverage, indicating a bearish trend. However, on the 60-minute chart, the SlowK is above SlowD, while the MACD is below the MACDAverage, indicating a mixed trend.
Sally Ho’s Technical Analysis
For more in-depth analysis, you can check out Sally Ho’s technical analysis on yesterday’s trading.
Hot Take: Bitcoin (BTC) Recovery Underway, but Resistance Ahead
The selloff in Bitcoin (BTC) seems to have reversed as the cryptocurrency shows signs of recovery. However, there is still resistance ahead at the recent relative high around 45000, with further upside price objectives at 46105, 46487, and 49161. On the other hand, downside risks persist, and potential buying pressure can be found at various support levels. Technical indicators suggest a bearish trend in the short term. Traders should closely monitor these levels and indicators to make informed decisions. Overall, BTC/USD is in a crucial phase, and its next moves will be significant in determining its future trajectory.
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