Overview
• Bitcoin (BTC/USD) failed to sustain upward momentum early in the Asian session and depreciated to the 23245.86 level.
• Stops were elected above the 24224.60 and 23980.62 levels, associated with buying pressure around the 15460 and 20370.01 areas respectively.
• Technical Support is expected around 18390.99/ 16714.46/ 14500.15 while Technical Resistance is expected around 25455.06/ 25774.41/ 26612.64
Price Movement
Bitcoin (BTC/USD) experienced a surge in price, climbing to multi-month highs after Stops were elected above the 24224.60 and 23980.62 levels, associated with buying pressure around the 15460 and 20370.01 areas respectively. The recent move higher was accompanied by technical support levels and areas of potential buying pressure being established around the 22389, 22184, 21230, 20294, 19861, 19357, and 18822 levels as well as upside price objectives related to buying pressure around the 16326 area including 25455, 25774, 27609, and 28004 levels; along with those related to buying pressure around 15460 which include 26612, 26931, 29244 and 29639 levels respectively..
Technical Analysis
Traders are observing that indicators such as 50-bar MA (4-hourly), 100-bar MA (4-hourly), 200-bar MA (4-hourly), 50-bar MA (hourly), 100-bar MA (hourly) 200-bar MA (hourly). are all pointing bullish direction above current price activity which is nearest the 50-bar MA (4-hourly) at 23261.11and the 50-bar MA (Hourly) at 2359537 . On 4 Hourly chart SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage; on 60 minute chart however SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage .
Support & Resistance Levels
For Support Levels: Technically significant areas include 1839099/1671446/1450015 along with Stops expected below 18199 18024 17537 17343respectively . For Resistance Levels: Technically significant areas include 2545506 257