Bitcoin (BTC/USD) established a new lifetime high around the 24660 level following bids that lifted the pair from the 23416 area during the Asian session. Traders had recently taken BTC/USD back below the 23000 figure but technical bids have kept the pair’s downside range limited. Traders are curious to see how BTC/USD trades through the holiday period and finishes the calendar year. BTC/USD has recently traded up more than 18% month-to-date, and traded up more than 221% year-to-date. The pair’s previously-established lifetime high around the 24300 area has traders focusing on some key retracement levels including the 22195.94, 21865.96, 21607.54, 21144.00, 20957.11, 20882.68, 18889.05, 18768.58, 17217.61, 17059.92, and 15546.17 levels.
If BTC/USD resumes recent upward buying pressure, additional upside price objectives include the 24758.05, 24862.28, 25171.61, and 25373.10 areas. Other levels that are technically significant include a range of upside price objectives above which Stops were elected during the recent appreciation, and these include the 23650.19, 23693.29, 23779.58, 24080.75, and 24179.17 levels. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 22965.53 and the 100-bar MA (Hourly) at 23336.10.
Technical Support is expected around 21971.13/ 21409.71/ 20678.47 with Stops expected below.
Technical Resistance is expected around 24758.05/ 25171.61/ 25373.10 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.