Bitcoin (BTC/USD) Tests Upside Price Objective Around 26917 Area
Bitcoin (BTC/USD) made gains in the Asian session, reaching the 26892.65 area. This move tested an upside price objective around the 26917 area, which is related to recent buying pressure at 24900 and 25763.43 areas. If BTC/USD can sustain its break above the 200-bar, 4-hour simple moving average, it could reach further upside price objectives at 27393, 27982, and 28934 areas. Stops are cited below the 25852 and 25763 areas.
Earlier, BTC/USD dropped to the 24900 area but failed to sustain the downward break. A sustained break below the 25462.40 level would increase bearish pressure as it corresponds to significant selling pressure around the 28184.89 area. Additional downside price objectives include levels at 24511, 24339, 23164, 22949, 21496, and 20702.
Technical Analysis and Support/Resistance Levels
The technical indicators suggest that on the hourly chart, the bearish signal is stronger with SlowK below SlowD and MACD below MACDAverage. On the four-hourly chart, the bearish signal is also present with SlowK below SlowD and MACD below MACDAverage.
The nearest technical support is expected around levels at 24440.41, 23270.10, and 22769.39 with stops expected below them. On the other hand, resistance levels are expected at 31986.16, 32989.19, and 34658.69 with stops expected above them.
Hot Take: Bitcoin (BTC/USD) Tests Key Resistance Area
Bitcoin (BTC/USD) is currently testing a key resistance area around the 26917 level. If it can sustain its break above the 200-bar, 4-hour simple moving average, it may continue to rise and reach higher price objectives. However, if it fails to break through this resistance and drops below the 25462.40 level, bearish pressure may increase. Traders are closely monitoring the technical indicators, which currently show a bearish signal. Overall, BTC/USD’s performance in the coming days will be crucial in determining its next move.
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