Bitcoin (BTC/USD) Technical Analysis: Mixed Outlook
Bitcoin (BTC/USD) is experiencing a mixed technical outlook in the Asian session. The cryptocurrency is currently trading between recent buying pressure around the 24900 area and recent selling pressure around the 28613.37 area. The price has been hovering around the 26756.69 level, which represents the 50% retracement of the recent appreciating range.
There are several retracement levels to watch, including 26318, 25694, 27194, and 27737. Bears are focusing on previous downside price objectives such as 27097, 27326, 27454, 27676, 27750, 27855, 27972, and 28034. Stops are accumulating below some of these downside targets.
On the other hand, areas of technical resistance and potential selling pressure are seen at the levels of 28934, 29228, 29665, 29964, 30053, and 30222. There are stops above the levels of 30178 and 31862 as well.
The key technical levels to monitor are 29514, 23438, and 20195. These levels are related to previous selling pressure at higher price points. Traders note that the moving averages (MA) show a bullish signal on both the hourly and four-hourly charts.
The nearest MAs to watch are the 200-bar MA (4-hourly) at 26841.93 and the 100-bar MA (hourly) at 26945.77. Technical support is expected around the levels of 24440.41, 23270.10, and 22769.39 with stops anticipated below.
On the other hand, technical resistance is expected around 31986.16, 32989.19, and 34658.69 with stops expected above these levels.
In terms of indicators, the SlowK is bearishly below SlowD on the 4-hourly chart, while the MACD is bullishly above the MACDAverage. On the 60-minute chart, the SlowK is bullishly above SlowD, but the MACD is bearishly below the MACDAverage.
Hot Take: Bitcoin’s Technical Outlook Remains Uncertain
Bitcoin’s technical analysis suggests that the cryptocurrency is currently in a state of mixed outlook. The price is caught between buying and selling pressure, making it difficult to predict its next move. Traders are closely monitoring key support and resistance levels as well as moving averages to gauge future price movements. However, with conflicting signals from indicators such as the SlowK and MACD, it remains uncertain whether Bitcoin will experience a bullish or bearish trend in the near term.
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