Bitcoin (BTC/USD) Sees a Moderate Correction
Bitcoin (BTC/USD) experienced a slight decline in the Asian session, retracing some of its recent gains. The cryptocurrency reached a high of 26869.06 before moderating. This level tested an upside price target around the 26917 area, which was influenced by buying pressure around 24900 and 25763.43. Additional upside targets include 27393, 27982, and 28934, while stops are located below 25852 and 25763.
During the climb, more stops were triggered above the 26764.57 level, which was previously a downside price target linked to selling pressure at 28184 and 27576. The intraday high also coincided with the 200-bar, 4-hour simple moving average. Although bears pushed BTC/USD to lows of 24900 after stops were hit below the downside target of 25106.61, they failed to maintain the downward momentum.
Key Levels to Watch
If BTC/USD breaks below the level of 25462.40, it could increase bearish pressure as it aligns with another downside target related to significant selling pressure around 28184.89. Stops are positioned below the level of 24197.68, which corresponds to selling pressure at 30222.
Other price targets below the market include levels at 24511, 24339, 23164, 22949, 21496, and 20702. On the other hand, technical support and potential buying pressure can be expected between the levels of 15460 and 19568.52, including levels at 23661, 22793, and 21725.
Technical Indicators
Traders are noting that the 50-bar moving average (MA) on the 4-hourly chart is indicating a bearish signal below the 100-bar MA and the 200-bar MA. Meanwhile, on the hourly chart, the 50-bar MA is indicating a bullish signal above the 100-bar MA and the 200-bar MA.
The price activity is currently closest to the 100-bar MA on the 4-hourly chart at 26121.63 and the 50-bar MA on the hourly chart at 25422.27.
Support and Resistance Levels
Technical support is expected around levels at 24440.41, 23270.10, and 22769.39, with stops positioned below these levels. On the other hand, technical resistance can be anticipated around levels at 31986.16, 32989.19, and 34658.69, with stops placed above these levels.
Technical Analysis
In terms of technical indicators, on the 4-hourly chart, SlowK is below SlowD in a bearish manner, while MACD is also below MACDAverage in a bearish signal. On the hourly chart, SlowK is bearishly below SlowD, and MACD is similarly below MACDAverage.
Sally Ho’s Technical AnalysisView Yesterday’s Trading Analysis
Hot Take: Bitcoin Corrects After Reaching Key Level
Bitcoin (BTC/USD) experienced a slight correction after reaching a key level of resistance around 26869.06. The cryptocurrency faced selling pressure at this level but managed to maintain its upward momentum as bears failed to sustain their downward push. Traders are now closely watching for a sustained break above or below certain levels to determine the future direction of BTC/USD. While upside targets include 27393, 27982, and 28934, downside targets are seen at 25462.40 and 24197.68. Technical indicators suggest a bearish bias on the 4-hourly chart, but a bullish bias on the hourly chart. Overall, the market remains volatile and traders should exercise caution.
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