Bitcoin Retains Modest Bid as It Orbits Moving Average
Bitcoin (BTC/USD) is attempting to maintain a modest bid early in the Asian session. The cryptocurrency is hovering around the 200-bar, 4-hour simple moving average after experiencing an upward surge to the 27122.24 level. This surge tested a downside price objective at around 27097, which was influenced by selling pressure at 28288.88. A higher low at 26662.62 contributed to some progress on the upside, following earlier gains around 26521.32.
Downside price objectives for Bitcoin include levels at 26365 and 25770. There are accumulating stops below these levels, as well as below other downside price objectives such as 24155, 23270, 23204, 23164, 22949, 22028, 21496, 21242, and 20702.
Technical Resistance and Selling Pressure Levels
Bitcoin faces technical resistance and potential selling pressure at various levels including 28934, 29228, 29665, 29964, 30053, and 30222. There are also stops cited above the areas of 30178 and 31862. Technicians are closely monitoring three significant levels: 29514, 23438, and 20195. These levels are related to selling pressure observed at higher points of the cryptocurrency market.
Traders note that the moving averages indicate a bullish trend in the Bitcoin market. The 50-bar MA (4-hourly) is above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). However, on the hourly chart, the bearish trend is seen with the 50-bar MA (hourly) below the 100-bar MA (hourly) and the 200-bar MA (hourly).
Key Technical Levels and Analysis
The nearest price activity for Bitcoin is around the 200-bar MA (4-hourly) at 26836.37 and the 50-bar MA (hourly) at 26806.07. Technical support is expected at levels of 24440.41, 23270.10, and 22769.39, with stops anticipated below these levels. On the other hand, technical resistance is expected at levels of 31986.16, 32989.19, and 34658.69, with stops expected above.
In terms of technical analysis, the SlowK is bullishly above SlowD on the 4-hourly chart, while the MACD is also bullishly above MACDAverage. However, on the 60-minute chart, the SlowK is bearishly below SlowD and the MACD is bearishly below MACDAverage.
Sally Ho’s Technical AnalysisView Yesterday’s Trading Analysis
Hot Take: Bitcoin Stays Above Moving Average Amidst Resistance
Bitcoin continues to show resilience as it hovers around its moving average amidst resistance levels. The cryptocurrency attempted to maintain a modest bid in the Asian session, with upside progress following earlier gains. However, downside price objectives and accumulating stops pose challenges for Bitcoin’s upward movement.
Traders are closely observing technical resistance and potential selling pressure levels that could hinder further growth. Despite some bullish indicators in moving averages on longer timeframes, there are bearish signals on shorter timeframes.
Overall, Bitcoin’s ability to stay above its moving average while facing resistance reflects a mixed sentiment in the market, with both bullish and bearish factors at play.
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