Bitcoin (BTC/USD) was volatile early in the Asian session as the pair notched gains to the 26830 area following a rapid appreciation from the 26205.96 area, but was unable to sustain most of its upside progress. Stops were elected above the 26433.41 area during the surge, an upside price objective associated with buying pressure around the 25983 and 26080 levels. Stops were also triggered above the 26502, 26625, and 26776 areas during the appreciation, and strong Stops were elected above the 26652.51 area that were related to intraday bids around the 26084 and 26205 levels. BTC/USD bulls cite Stops above the 27022 area. Bearish technical risk has not disappeared and could result in a test of additional downside price objectives around the 25815, 25775, 25668, 25645, 25598, 25331, and 24899 areas.
Further below the market, Stops are accruing below some downside price objectives including the 24155, 23270, 23204, 23164, 22949, 22028, 21496, 21242, and 20702 areas. Above current price activity, areas of technical resistance and potential selling pressure include the 26929, 27064, 27230, and 27255 levels. Three key levels that technicians continue to monitor include the 29514, 23438, and 20195 levels, areas related to selling pressure around the 69000, 59249, and 52100 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 26631.23 and the 200-bar MA (Hourly) at 26628.93.
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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
Sally Ho’s Technical Analysis
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Disclaimer: Sally Ho’s Technical Analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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