29k Tested as BTC/USD Volatility & Range Expand: Technical Analysis

• Bitcoin (BTC/USD) tested the 30050.66 level, before falling to the 27230.77 area and then back above the 29000 figure.
• Technical Support is expected around 26533.04/ 25604.51/ 25094.62 with Stops expected below, while Technical Resistance is expected around 31986.16/ 32989.19/ 34658.69 with Stops expected above.
• The 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly), while the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

BTC/USD Volatility & Range Expand

Bitcoin’s price activity tested a downside price objective associated with selling pressure that intensified around the 30463.84 area, reaching as high as 30050.66 before quickly dropping back down to 27230.77, a test of a recent relative low from earlier in the month before recovering to over 29000 again.. Additional related upside price objectives include 30420.74, 31237.11, and 32556.73 levels while downside price objectives related to recent depreciating ranges and levels include 26533, 26085, 25604, and 24103 levels..

Moving Averages

The 50-bar moving average (MA 4 hourly) is bearishly indicating below both 100 bar MA 4 hourly and 200 bar MA 4 hourly whereas 50 bar MA hourly is bullishly indicating above both 100 bar MA hourly and 200 bar MA hourly.. Price activity is nearest 100 bar MA 4 hourly at 29096 57 and 50 bar MA Hourly at 28584 01..

Technical Support & Resistance

Technical support for BTC/USD is expected around 26533 04 / 25604 51 / 25094 62 with stops expected below; meanwhile technical resistance for BTC/USD can be found around 31986 16 / 32989 19 / 34658 69 with stops expected above..

Retracements & Price Objectives

Stops were elected above 27929 17 , 28525 56 , 29007 57 , 29489 58 areas during BTC/ USD’s surge higher which are retracement levels associated with its recent depreciating range from 31050 to 26965 14.. Additionally we can also find additional related upside price objectives including 31477 37 , 32501 23 , 32989 19 , 34583 96 , 34658 69 , 35222 66 , 37765 28 & 38403 97 ..

Disclaimer

Sally Ho’s Technical Analysis should not be interpreted as legal or financial advice nor does it reflect Crypto Daily’s views in any way.. It serves solely for informational purposes only..