Bitcoin Price Analysis: A Look at the Recent Trading Activity
As a crypto reader, you may find it interesting to know that Bitcoin (BTC/USD) experienced a bearish trend during the Asian session. The pair reached a high of 26025.78 before facing selling pressure around the 30222 level. This resulted in a drop to the 25358 area, but the losses were partially reversed just above 25307.37 where shorts were covered. Bears are expecting another test of the 25128.94 area, which is a downside price objective linked to downward pressure around 30421.29.
It’s worth noting that a sustained break below the 25462.40 level would increase bearish pressure, as it represents significant recent selling pressure around 28184.89. Stops are cited below the 24197.68 level, and there are additional price objectives below the market at 24511, 24339, 23164, 22949, 21496, and 20702. On the other hand, technical support and potential buying pressure can be found at the 15460 and 19568.52 levels, including the 23661, 22793, and 21725 levels.
Traders are currently observing the bearish indications of the 50-bar MA (4-hourly) below the 200-bar MA (4-hourly) and above the 100-bar MA (4-hourly). Additionally, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and the 200-bar MA (hourly).
Based on the latest price activity, the 100-bar MA (4-hourly) is at 26158.47, while the 50-bar MA (hourly) is at 25726.33.
Looking at technical analysis, we can expect technical support around 24440.41, 23270.10, and 22769.39, with stops anticipated below these levels. On the other hand, technical resistance is likely around 31986.16, 32989.19, and 34658.69, with stops expected above.
Finally, on the 4-hourly chart, SlowK is bearishly below SlowD, while MACD is bullishly above MACDAverage. On the 60-minute chart, SlowK is bearishly below SlowD, and MACD is also bearishly below MACDAverage.
Hot Take:
Understanding the recent trading analysis of Bitcoin can provide you with valuable insights into the crypto market. By studying price activity, technical indicators, and support/resistance levels, you can make informed decisions as a trader. Stay updated with the latest analysis to navigate the dynamic world of cryptocurrencies effectively.
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