Bitcoin Fails to Sustain Break Above 26429
In the Asian session, Bitcoin (BTC/USD) was unable to maintain its recent short-term gains and traded as high as 26460.41 level. This level tested a downward price objective around 26429.37, which is related to selling pressure around 27576.99. Bears anticipate another test of the 25128.94 level, a downside price objective linked to downward pressure around 30421.29. This comes after a recent low around the 25234.76 level. A sustained break below 25462.40 will increase bearish pressure, as it corresponds to significant selling pressure around 28184.89.
Technical support and potential buying pressure can be found in the range of 15460 to 19568.52 levels. Traders note that the 50-bar MA (4-hourly) is indicating bearishness below the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). The 50-bar MA (hourly) is also bearishly positioned below the 200-bar MA (hourly) but above the 100-bar MA (hourly).
The price is closest to the 50-bar MA (4-hourly) at 26144.43 and the 100-bar MA (hourly) at 25847.07. Technical support is expected around 24440.41, 23270.10, and 22769.39, with stops expected below. Technical resistance is expected around 31986.16, 32989.19, and 34658.69, with stops expected above.
On the 4-hourly chart, SlowK is below SlowD, indicating bearishness, while MACD is above MACDAverage, indicating bullishness. On the 60-minute chart, SlowK is below SlowD, and MACD is below MACDAverage, both indicating bearishness.
Hot Take
Bitcoin’s failure to sustain its break above 26429 suggests ongoing selling pressure and the potential for further downside movement. Traders should closely monitor key support levels and be cautious of bearish signals indicated by moving averages. The cryptocurrency market remains volatile, so it is important to exercise caution and use technical analysis to inform trading decisions.
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