Bitcoin (BTC/USD) has recently built on its gains in the market, trading as high as the 29,033.95 level. This comes after buying pressure emerged around the 28,742.27 area, which saw a test for the upside price objective related to demand that strengthened around the 28,122 area. During the recent depreciation, bears were able to push the BTC/USD as low as the 28,394 area after Stops were elected below the 28,481.31 level.
Significant buying and selling activity occurred around the 29,298.31 area during the depreciation, which was another upside price objective linked to the buying pressure that emerged around the 28,122 area.
Upcoming upside price objectives are based on the recent buying pressure around the 27,194.51 and 28,161.74 areas, which include the 30,420.74, 31,237.11, and 32,556.73 levels. Downside price objectives that take into consideration the recent depreciating ranges and levels include the 26,533, 26,085, 25,604, and 24,103 levels. Additional upside price objectives for Bitcoin include the 31,477.37, 32,501.23, 32,989.19, 34,583.96, 34,658.69, 35,222.66, 37,765.28, and 38,403.97 levels.
An important price objective for Bitcoin to consider in the near term is the 31,846.88 area, which is the level that represents the 50% retracement value of the recent depreciating range from 48,233.76 to 15,460. This range highlights the current balance between buyers and sellers in the market.
Currently, traders have noticed that the 50-bar moving average (4-hourly) is bullishly indicating above the 100-bar moving average (4-hourly) as well as the 200-bar moving average (4-hourly). Similar observations were made for the hourly chart, with the 50-bar moving average (hourly) indicating bullish trends above the 100-bar moving average (hourly) and the 200-bar moving average (hourly).
Price activity is nearest the 50-bar moving average (4-hourly) at 28,924.21 and the 200-bar moving average (hourly) at 28,933.63.
Technical support is expected around 26,533.04/25,604.51/25,094.62, with Stops placed below these price ranges. For resistance, traders should be looking at the 31,986.16/32,989.19/34,658.69 levels, with Stops placed above these levels.
On the 4-hourly chart, SlowK is bullishly above SlowD, while MACD is bearishly below MACDAverage. On the hourly chart, SlowK is also bullishly above SlowD, and MACD is bullishly above MACDAverage.
In conclusion, the recent price appreciation in Bitcoin reaffirms support from buying pressure in the market. However, traders must remain vigilant for any potential retracements, as technical indicators reveal areas for both support and resistance movements in the near term.
Disclaimer: This article is provided as a third party and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
