In the Asian trading session, Bitcoin (BTC/USD) experienced a slight pullback after its recent rally, with the price reaching 28473.93 before dropping back below the 28000 level. During the appreciation, stops were triggered above the 27873.17 and 28347.74 levels.
These upward movements align with the recent pressure on the price, and the upside price targets now include the 25864.35 and 26559.96 levels. As the market progresses, certain levels will act as technical resistance and potential selling pressure, namely 29048, 29143, and 29813. In terms of retracement levels within recent downward trends, the key levels to watch are 28700, 28741, 28868, 29243, 29299, and 29284.
If the market continues to climb, the upside price objectives to consider are 30420.74, 31237.11, 31477.37, 32501.23, 32556.73, 32989.19, 34583.96, 34658.69, 35222.66, 37765.28, and 38403.97.
On the technical side, there has been consistent buying pressure around the 26641 area, which is also a downside price target connected to the 27678.73 level. Further downside price objectives are associated with the 28334.75 and 27647.82 levels, including 25604.43 and 25124.80. Additional levels to watch for potential downside movements are 25474, 25442, 24705, 24440, 23208, and 22769.
Observing the moving averages, the 50-bar MA (4-hourly) is indicating a bearish trend below the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). However, the 50-bar MA (hourly) is showing a bullish indication above the 100-bar MA (hourly) and the 200-bar MA (hourly).
Currently, the price is closest to the 200-bar MA (4-hourly) at 27710.63 and the 50-bar MA (hourly) at 27243.43.
For technical support, traders can expect levels around 25604.51, 24440.41, and 22769.39, with potential stops placed below these levels. On the other hand, technical resistance is anticipated at 31986.16, 32989.19, and 34658.69, with stops expected above them.
On the 4-hourly chart, the SlowK indicator is bearishly below SlowD, while the MACD is bullishly above the MACDAverage. Looking at the 60-minute chart, the SlowK indicator is bearishly below SlowD, and the MACD is also bearishly below the MACDAverage.
It is important to note that Sally Ho’s Technical Analysis is provided by a third party and is intended solely for informational purposes. It does not reflect the views of Crypto Daily, nor should it be considered as legal, tax, investment, or financial advice.