Bitcoin Maintains Positive Momentum
Bitcoin (BTC/USD) is showing positive momentum as it aims to build on recent gains. The cryptocurrency has surpassed the 26834.59 level, which is a key price objective resulting from recent buying pressure. Technical support around the 26661 area during a pullback has established several upside price targets, including the 27567, 27941, 28404, and 29151 levels. However, there are areas of resistance and potential selling pressure at the 27559, 27701, 27936, 28029, 28189, 28306, and 28381 levels.
Bearish technical risk still exists and could lead to a test of additional downside targets at the 25815, 25775, 25668, 25645, 25598, 25331, and 24899 levels. Stops are accumulating below some of these downside targets as well as at the 24155, 23270, 23204, 23164, 22949, 22028, 21496, 21242, and 20702 areas.
Key Levels to Monitor
Traders are closely watching three significant technical levels: 29514, 23438, and 20195. These levels represent areas where selling pressure was observed previously at the respective price levels of 69000, 59249, and 52100. The current positioning of moving averages also provides insights. The bearish indication of the 50-bar MA (4-hourly) below the 100-bar MA (4-hourly) while being above the 200-bar MA (4-hourly) suggests a bearish trend. On the other hand, the bullish indication of the hourly moving averages signals a more positive sentiment.
The price is currently closest to the 100-bar MA (4-hourly) at 26619.21 and the 50-bar MA (hourly) at 26967.43. Technical support is expected around 24440.41, 23270.10, and 22769.39, with stops anticipated below these levels. Conversely, technical resistance is projected at 31986.16, 32989.19, and 34658.69, with stops expected above.
Technical Analysis Summary
On the 4-hourly chart, the SlowK indicator is bearishly below SlowD, while the MACD is bullishly above MACDAverage. Meanwhile, on the 60-minute chart, the SlowK indicator is bullishly above SlowD, and the MACD is also bullishly above MACDAverage.
Hot Take: Bitcoin’s Positive Momentum Continues
Bitcoin (BTC/USD) maintains its positive momentum as it surpasses key price objectives and establishes upside targets. However, there are areas of resistance that may pose challenges for further gains. The cryptocurrency remains exposed to bearish technical risks that could lead to a test of additional downside targets. Traders are closely monitoring significant technical levels and observing the positioning of moving averages for insights into market sentiment.
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