Bitcoin Gains Momentum, Testing Key Resistance Levels
Bitcoin (BTC/USD) has seen an increase in momentum as it trades around the 23.6% retracement level of its recent price range. After initially dropping to a low of 27173.41, BTC/USD has surged to the 78.6% retracement level at 28888.88. This surge has triggered stop orders above the previous downside price objective at 28614.25.
Resistance and Support Levels to Watch
There are several areas of technical resistance and potential selling pressure for BTC/USD, including levels at 28934, 29228, 29665, 29964, 30053, and 30222. On the other hand, areas of technical support and potential buying pressure can be found at 26988, 26756, 26604, 26318, and 25694.
Further above the market, stops are located above the levels of 30178 and 31862. Below the market, stops are accumulating below downside price objectives such as 24155, 23270, 23204, 23164, 22949, 22028, 21496, 21242, and 20702.
Key Technical Levels to Monitor
Technicians are closely watching three significant levels: 29514, 23438, and 20195. These levels are related to selling pressure observed around the levels of 69000, 59249, and 52100.
The moving averages indicate a bullish trend with the 50-bar MA (4-hourly) above both the 100-bar MA (4-hourly) and the
200-bar MA (4-hourly). The same bullish trend is seen with the 50-bar MA (hourly) above the 100-bar MA (hourly) and the 200-bar MA (hourly).
Current Price Levels and Technical Indicators
The current price activity is closest to the 50-bar MA (4-hourly) at 27509.23 and the 50-bar MA (hourly) at 27751.41. Technical support is expected around 24440.41, 23270.10, and 22769.39, with stops anticipated below these levels. On the other hand, technical resistance is expected around 31986.16, 32989.19, and 34658.69, with stops expected above.
On the 4-hourly chart, SlowK is bullish above SlowD, while MACD is also bullish above MACDAverage. However, on the hourly chart, SlowK is bearish below SlowD, and MACD is bearish below MACDAverage.
Hot Take: Bitcoin Surges Higher but Faces Resistance
Bitcoin has experienced a surge in momentum recently, testing key resistance levels along the way. While it has managed to break through some resistance areas, there are still several levels that could act as selling pressure for BTC/USD. Traders are closely monitoring these levels and observing the moving averages for further insights into market trends.
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