Bitcoin Retains Upside Momentum as Price Moves Above Key Levels
Bitcoin (BTC/USD) is showing signs of retaining its upside momentum as the price moves back above the 27400 level in early Asian trading. This comes after stops were triggered above the 26917.36 and 27393.46 levels, indicating buying pressure around the 24900 and 25763.43 levels. The next key price objectives are at 27982.53 and 28934.72, with stops expected to be triggered above these levels.
If the appreciation continues, areas of technical support and potential buying pressure can be found at 26830.89, 26461.90, 26163.67, 25865.44, and 25440.85 levels. On the downside, stops are expected below the 24197.68 level, which is a price objective related to selling pressure around the 30222 area.
Traders are noting that the moving averages (MA) are giving mixed signals, with the 50-bar MA (4-hourly) indicating bearishness below the 200-bar MA (4-hourly), but bullishness above the 100-bar MA (4-hourly). On the hourly chart, the 50-bar MA is indicating bullishness above both the 100-bar MA and the 200-bar MA.
The nearest moving averages to watch are the 200-bar MA (4-hourly) at 26573.69 and the 50-bar MA (hourly) at 26624.71.
Technical support is expected around levels such as 24440.41, 23270.10, and 22769.39, with stops anticipated below these levels. On the other hand, technical resistance can be found at levels like 31986.16, 32989.19, and 34658.69, with stops expected above these levels.
In terms of technical indicators, the SlowK is currently bullish above SlowD on the 4-hourly chart, while the MACD is also bullish above the MACDAverage. On the 60-minute chart, the SlowK is bullish above SlowD, and the MACD is bullish above the MACDAverage.
Hot Take: Bitcoin Maintains Bullish Momentum Above Key Levels
Bitcoin continues to maintain its bullish momentum as it moves above key levels, triggering buying pressure and indicating further upside potential. The moving averages are providing mixed signals, but overall, Bitcoin remains in a positive position. Traders should watch for support and resistance levels as well as stops being triggered at key price objectives. Overall, Bitcoin’s current price action suggests a favorable outlook for further upward movement.
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