Bitcoin Awaits New Technical Guidance as it Trades Sideways
Bitcoin (BTC/USD) is currently awaiting new technical guidance as it continues to trade sideways. The cryptocurrency recently peaked around the 27500 area, representing a test of downside retracement levels. Multiple tests of the 26917.36 area have provided technical support, which is associated with recent bids around the 24900 and 25763 areas.
There are several price objectives to consider, including the 27982.53 and 28934.72 areas, above which Stops are cited. The recent appreciation in Bitcoin’s value occurred when Stops were elected above the 27099.76 area, which is a previous downside retracement level linked to selling pressure.
Areas of Support and Resistance
Areas of technical support and potential buying pressure for Bitcoin include the 26830.89, 26461.90, 26163.67, 25865.44, and 25440.85 levels. On the other hand, Stops are cited below the 24197.68 level, which is a downside price objective related to selling pressure.
Additional price objectives below the market include the 24511, 24339, 23164, 22949, 21496, and 20702 areas.
Technical Analysis
Traders are currently observing that the 50-bar MA (4-hourly) is indicating bullishness above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). Additionally, the 50-bar MA (hourly) is also indicating bullishness above the other two MAs.
The price activity is closest to the 50-bar MA (4-hourly) at 26540.17 and the 50-bar MA (hourly) at 27065.51.
Technical Support and Resistance Levels
Technical support is expected around 24440.41, 23270.10, and 22769.39 levels, with Stops expected below. On the other hand, technical resistance is expected around 31986.16, 32989.19, and 34658.69 levels, with Stops expected above.
MACD and SlowK Analysis
On the 4-hourly chart, SlowK is bearishly below SlowD, while MACD is also bearishly below MACDAverage. However, on the 60-minute chart, SlowK is bullishly above SlowD, while MACD is bearishly below MACDAverage.
Sally Ho’s Technical Analysis
For more detailed technical analysis of Bitcoin’s trading activity, you can view Sally Ho’s analysis from yesterday here.
Hot Take: Bitcoin Continues to Consolidate as Traders Await New Guidance
Bitcoin’s price has been trading sideways as it awaits new technical guidance. The recent test of downside retracement levels and the emergence of technical support indicate that there are potential buying opportunities in the market. Traders should pay attention to key price objectives and areas of support and resistance to make informed decisions.
The bullish indication of moving averages suggests a positive trend for Bitcoin in the short term. However, traders should also consider the bearish signals from the MACD analysis on different time frames.
Overall, Bitcoin’s price is consolidating, and traders are eagerly awaiting new technical guidance to determine the next direction for the cryptocurrency.
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