• Bitcoin (BTC/USD) rebounded slightly early in the Asian session, surging to 24262.18 after Stops were elected above the 24224.60 level.
• Technical support levels and areas of potential buying pressure are around the 22389, 22184, 21230, 20294, 19861, 19357, and 18822 levels.
• Upside price objectives related to buying pressure around the 15460 area include the 26612, 26931, 29244, and 29639 levels.
Recent Price Movement
Bitcoin (BTC/USD) rebounded slightly early in the Asian session as the pair rallied back above the 24000 figure after bottoming out around the 23257.71 area. This move lower represented another test of the 200-hour simple moving average. The subsequent surge to the 24262.18 area occurred after Stops were elected above the 24224.60 level; an upside price objective related to buying pressure that emerged around 15460 and 20370.01 areas respectively. Additional Stops were recently elected above 23980.62 level; an upside price objective associated with demand around 20333.33 level as well.
Upside Price Objectives
Upside price objectives related to buying pressure around 16326.16 area include 25455, 25774, 27609, and 28004 levels respectively while those related to buying pressure around 15460 area include 26612, 26931, 29244 and 29639 levels respectively as well Additionally following recent move higher to multi-month highs technical support levels & areas of potential buying pressures are seen at 22389 , 22184 , 21230 ,20294 , 19861 ,19357 & 18822 respectively
Technical Analysis
The 50-bar MA (4-hourly) is bullishly indicating above 100-bar MA (4-hourly) & 200-bar MA (4-hourly). Similarly 50-bar MA (Hourly) is also bullishly indicating above 100 bar MA( Hourly ) & 200 bar MA( Hourly ). Price activity is nearest to 50 bar MA (4 hourly ) at 23296 .19 & 50 BarMA ( Hourly ) at 23508 .19 . Further technical supports expected around 18390 .99/ 16714 .46 / 14500 .15 with stops expected below these respective numbers while technical Resistance is expected around 25455 .06 /25774 .41 /26612 .64 with stops expected above these respective numbers
MACD Indicators
On 4–Hourly chart SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage whereas on 60–minute chart SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage
Disclaimer
Sally Ho’s Technical Analysis is provided by a third party for informational purposes only and does not reflect views of Crypto Daily nor it intended be used as legal tax investment or financial advice
