Bitcoin Attempts to Establish Base Around Key Level
Bitcoin (BTC/USD) is making an effort to add to its recent gains as it seeks to establish a base around the 78.6% retracement level of the recent appreciating range. This level is located at 26546.51, and other retracement levels within this range include 27298, 27608, and 27992.
Selling Pressure and Downside Price Objectives
The recent selling pressure at 28613.37 and 28288.88 has traders focusing on downside price objectives such as 27097, 27326, 27454, 27676, 27750, 27855, 27972, and 28034. Stops are accumulating below these price levels, including the areas at 24155, 23270, 23204, 23164, 22949, 22028, 21496, 21242, and 20702.
Technical Resistance and Potential Selling Pressure
Key levels of technical resistance and potential selling pressure are found at 28934, 29228, 29665, 29964, 30053, and 30222. Stops are positioned above the levels at 30178 and 31862.
Significant Technical Levels
Technicians are closely monitoring three significant technical levels: namely, the areas around 29514, 23438, and 20195. These levels are related to selling pressure observed at the levels of 69000, 59249, and 52100.
Moving Averages
The moving averages indicate a bullish trend on the four-hourly chart as the 50-bar MA is above the 100-bar MA and the 200-bar MA. However, on the hourly chart, the 50-bar MA is below the 100-bar MA and the 200-bar MA, indicating a bearish trend.
Price Levels and Technical Support
The price activity is closest to the 200-bar MA (4-hourly) at 26837.59 and the 50-bar MA (hourly) at 26808.69. Technical support is expected around levels of 24440.41, 23270.10, and 22769.39 with stops anticipated below these levels.
Technical Resistance and MACD Analysis
Technical resistance is expected at levels of 31986.16, 32989.19, and 34658.69 with stops projected above these levels. On the four-hourly chart, SlowK is bearishly below SlowD while MACD is bullishly above MACDAverage. On the sixty-minute chart, SlowK is bullishly above SlowD while MACD is bearishly below MACDAverage.
Sally Ho’s Technical Analysis
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Hot Take: Bitcoin Seeks Stability After Recent Gains
Bitcoin (BTC/USD) has been striving to find stability after experiencing recent gains in its value. The cryptocurrency is attempting to establish a base around a key level that represents a significant retracement of its recent upward movement. Traders are closely monitoring various price objectives and areas of technical resistance to gauge potential selling pressure.
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