Bitcoin (BTC/USD) has been experiencing a steady decline in the Asian session, hovering around the 30266.94 area, which represents a 61.8% retracement level. However, buying pressure emerged around the 29975.80 area, causing the depreciation to slow down. The recent rapid appreciation to the 31443.67 area, the highest level in twelve months, was a test of the 31488.23 area, a buying pressure zone. Stops were triggered above various upside price objectives, indicating further potential for appreciation.
There are additional upside price objectives at the 31737, 32125, and 33569 areas. Stops are also cited above other upside price objectives. Technical support and potential buying pressure areas include the 30192, 29863, 29423, 28886, 28179, 28096, and 27293 levels. Traders are closely monitoring the 28095.44 area, which represents a retracement level, for technical support.
The moving averages on different time frames indicate bullish signals, with the 50-bar MA (4-hourly) above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). The 50-bar MA (hourly) is also above the 100-bar MA (hourly) and the 200-bar MA (hourly).
Technical support is expected at lower levels, while resistance is expected at higher levels. The SlowK and MACD indicators on the 4-hourly and 60-minute charts show mixed signals.
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