Cryptocurrency traders are closely watching Bitcoin (BTC/USD) movement after it reached a peak at 28799.99 and then fell back to 28665 level. This marked a 61.8% retracement of the currency's depreciating value in the short-term range of 28799.99 to 28436.18. The price weakened further to 28322.56 after it was deemed unprofitable to sell BTC at the preset prices. Potential targets for the currency's rise were notched at 30127.80 as buyers were spotted around 15460 and 19568.52.

Meanwhile, if the price of Bitcoin weakens, levels of technical support include 25948, 25756, 25358, 24253, 24099, 23789, 23147, 22605, and 22198. Downside price objectives could go as low as 19266, 19132, 19106, 19006, 18981, 18919, 18822, 18116, 17720, 17523, 17457, 17230, and 17196.

Based on 4-Hourly and 60-minute charts, SlowK is Bullishly above SlowD, while MACD is Bullishly above MACDAverage in the first case and Bearishly below MACDAverage in the second. Two moving averages that traders take into account, 50-bar MA (4-hourly) and 50-bar MA (hourly) indicate they are respectively above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly) as well as above the 100-bar MA (hourly) and below the 200-bar MA (hourly).

At the time of writing, downside price levels that traders should be wary of 20256.83, 24224.60, and 21753.70 with Stops placed below these areas. Possible upside levels to consider are 29244.66, 29639.37, and 30127.80, at which Stops can be placed above given areas.

In conclusion, cryptocurrency traders should take into account the various technical resistance and support levels discussed above before making any trades. As with any financial decision, it is important to be mindful of the risks and the potential outcomes of any investments.



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