Bitcoin (BTC) Price Analysis
Bitcoin (BTC) (BTC/USD) recently had some gains early in the Asian session but encountered selling pressure around the 37675.77 area, just below the 78.6% retracement of the depreciating range from 37776.23 to 37314.26. Stops were elected below the 37175.37 area during the pullback, a downside price objective related to recent selling pressure around the 37439.62 level.
Additional related downside price objectives include the 36989.76, 36804.15, 36574.50, and 36203.29 levels. BTC/USD recently established a new eighteen- 30 days high around the 37999 level after Stops were elected over the 37516.08 area, an upside price objective related to historical buying pressure around the 15460 and 24900 levels.
Amidst Selling and Buying Pressure
Large Stops were likewise recently elected over the 35912.28 area and 37362.84 areas, important technical levels related to the record-breaking peak of 69000 and likewise related to historical buying pressure around the 3858 and 15460 levels. After the recent appreciation, areas of technical support and probable buying pressure include the 33499, 32873, 32561, 31351, and 30837 levels.
Traders have observed that the 50-bar MA (4-hourly), 50-bar MA (hourly), and 200-bar MA (4-hourly) are all indicating positive trend trends. Price activity is nearest the 50-bar MA (4-hourly) at 36721.81 and the 50-bar MA (Hourly) at 37211.79. Technical Support is expected around 31238.97/ 30028.62/ 28818.26 with Stops expected below.
Resistance and Key Indicators
Technical Resistance is expected around 38584.16/ 39596.82/ 42721.31 with Stops expected over. On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly over MACDAverage. On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
Hot Take: What’s Next for Bitcoin?
Bitcoin (BTC) (BTC/USD) has made recent gains but is facing resistance and support at key technical levels. Bulls and bears are both vying for control, and traders are closely monitoring key indicators for the next move. Technical support and resistance levels are critical for determining the next trend for Bitcoin. As the market continues to fluctuate, keep an eye on the bearish and positive trend indicators to anticipate the future direction of Bitcoin.
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