Bitcoin (BTC) (BTC/USD) Remains Muted as Bearish Bias Persists
Bitcoin (BTC) (BTC/USD) is experiencing a bearish technical bias, with a failure to establish upside activity over the 26585.66 area. The recent selling pressure around the 28184.89 area has pushed BTC/USD as low as the 24900 area, but bears have been unable to maintain the downward break.
Downside Price Objectives and Technical Support
If the BTC/USD pair breaks below the 25462.40 level, it will increase bearish pressure. Stops are cited below the 24197.68 level, while additional price objectives below the market include areas such as 24511, 24339, 23164, and more.
On the other hand, technical support and probable buying pressure can be found at levels such as 15460 and 19568.52.
Observations on Moving Averages
Traders have pointed out that the 50-bar MA (4-hourly) is indicating below both the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). Nonetheless, on an hourly basis, the 50-bar MA is indicating over both the 100-bar MA and the 200-bar MA.
Price Levels and Technical Analysis
The nearest whole lot of moving averages are at 26075.71 (100-bar MA on a 4-hourly chart) and 25859.39 (50-bar MA on an hourly chart).
Technical support is expected around levels like 24440.41, with stops expected below. In the meantime, technical resistance is expected around levels like 31986.16, with stops expected above.
Chart Analysis and Trading Analysis
On the 4-hourly chart, SlowK is indicating bullishness over SlowD, while MACD is likewise indicating bullishness over MACDAverage. Nonetheless, on the 60-minute chart, SlowK is indicating bearishness below SlowD, and MACD is likewise bearishly below MACDAverage.
Hot Take: Bitcoin’s Bearish Bias Persists
Bitcoin (BTC) (BTC/USD) continues to face a bearish technical bias as it struggles to break over key resistance levels. The recent selling pressure has pushed the price lower, but bears have been unable to maintain the downward momentum. Traders are closely watching for a sustained break below a critical level of support, which could further elevate bearish pressure. On the other hand, there is probable buying support at certain levels. Moving averages indicate mixed signals across different timeframes. Overall, the market remains uncertain and volatile, requiring careful analysis and risk management.
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