Cryptocurrency currency traders have taken note of Bitcoin (BTC/USD) retracing some of its recent losses, with the pair appreciating to the 26997.65 level after it was trading as low as the 25810 area. Technical demand has pushed BTC/USD from the 26351 and 26729.78 levels during the retracement, related to selling pressure that intensified around 28334.75 area.

With reference to the downside price objectives, stops were recently beneath the 27145, 27108, 26765, 26729, 26380, 26309 and 26203 levels during depreciation. These objectives are related to the selling pressure around 30500, 30050, 29850, 28334 and 27647 levels, as well as the other objectives of 25474, 25442, 25124, 24705, 24440, 23208 and 22769 levels.

When there is an appreciation of the Bitcoin, several areas of technical resistance, along with potential pressure points include the 27293, 28011, 28591, 29171, 29889 and 29997 levels. There are upside retracement levels in recent depreciating ranges, such as the 28428, 28564, 28700, 28741, 28868, 29243 and 29299 areas. The upside price objectives related to the recent buying pressure at 27194.51 and 28161.74 include the 30420.74, 31237.11 and 32556.73 levels.

In particular, traders are looking out for the 50-bar MA (4-hourly) to provide significant insights. It is currently bearishly indicating below the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). Additionally, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and 200-bar MA (hourly). The price activity is close to the 50-bar MA (4-hourly) at 27895.37 and the 50-bar MA (hourly) at 26720.73.

From a technical analysis perspective, support is expected around 25604.51/ 24440.41/ 22769.39 with stops expected beneath this. Resistance meanwhile is expected to come at 31986.16/ 32989.19/ 34658.69 with stops expected above. Additionally, SlowK on the 4-hourly chart is Bullishly above SlowD, whilst MACD is Bullishly above MACDAverage. On the 60-minute chart, SlowK is Bearishly below SlowD, whilst MACD is Bullishly above MACDAverage.

In conclusion, Bitcoin (BTC/USD) traders remain in flux, with technical demand pushing the price higher, but also several areas of resistance that traditionally sell-off the pair. However, it is worth noting that the recent levels of support and resistance can be used to inform traders of the current state of the market, as both the 4-hourly and hourly MA's seem to be bearishly indicating. This information should be used with caution, or in accompaniment with other forms of technical analysis.



Other News from Today