Bitcoin (BTC/USD) awaited new technical guidance early in the Asian session as the pair continued to trade sideways after peaking around the 27500 area, a move higher that represented a test of downside retracement levels related to recent selling pressure around the 30222 and 28184 areas. Technical support has emerged during multiple tests of the 26917.36 area, an upside price objective associated with recent bids around the 24900 and 25763 areas. Related price objectives include the 27982.53 and 28934.72 areas, above which Stops are cited. The recent appreciation accelerated when Stops were elected above the 27099.76 area, a previous downside retracement level linked to selling pressure around the 28184.89 and 27576.99 levels.
Stops are cited above a related retracement level around the 27576.99 area. Following recent upside gains, areas of technical support and potential buying pressure include the 26830.89, 26461.90, 26163.67, 25865.44, and 25440.85 levels. Below price activity, Stops are cited below the 24197.68 level, a downside price objective related to selling pressure around the 30222 area. Additional price objectives below the market include the 24511, 24339, 23164, 22949, 21496, and 20702 areas. 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 26540.17 and the 50-bar MA (Hourly) at 27065.51.
Technical Support is expected around 24440.41/ 23270.10/ 22769.39 with Stops expected below.
Technical Resistance is expected around 31986.16/ 32989.19/ 34658.69 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
Sally Ho’s Technical Analysis
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