Cryptocurrency Bitcoin is growing in value and stability, and it has attracted greater attention from both novice and elite investors in the past few months. In the area of price analysis, recent technical analysis carried out has revealed a more bullish outlook to the cryptocurrency.

Stops were reported recently to have been elected above the 29489.58 area, indicating the 61.8% retracement of the depreciating range from 31050 to 29965.14. Other levels, including 29298.31, 27929.17, 28525.56, 29007.57, and 29489.58, were reported to have been reached accordingly.

The move is likely to see further upside, with upside price objectives relating to the recent buying pressures around the 27194.51 and 28161.74 levels expected to qualify for the next wave, among which are the 30420.74, 31237.11 and 32556.73 levels. Such an outlook was also backed by the 50-bar MA (4-hourly) as it bullish indicated over the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).

On the other hand, downside price objectives associated with the depreciating ranges remain intact, qualified by levels including the 26533, 26085, 25604, and 24103 levels. Additionally, the 31846.88 level is also a target, as it holds significant importance owing to the fact that it represents the 50% retracement of the depreciating range from 48233.76 to 15460.

Other technical indicators are also affirming a potential bullish achievement with both SlowK and MACD on the 4-Hourly Chart indicated to be Bullishly above and below their respective averages respectively. On the 60-minute chart, both SlowK and MACD were reported to be Bullishly above and below their respective averages respectively.

Ultimately, the recent technical developments could be an indication of some imminent bullish activity for Bitcoin, so it is expected that traders exercise their due diligence accordingly before making any trading decisions.



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