Cryptocurrency has been gaining lot of attention and appreciation in the past few years and its value is on the rise. Bitcoin (BTC/USD) is one of the most popular and widely used cryptocurrency today. BTC has been showing a climb in the price and recently reached the 27556.40 level, this is the result of buyers pushing the price after some test of a previous downside price level. A few price retracement levels have been identified. The 28011, 28591, 29171, 29889, and 29997 areas sectors of resistance and potential sellers. When it comes to support, we can see the levels of 26085, 25604 and 24103. These points has been identified due to buying pressure around 27194.51 and 28161.74 areas.

The technical indicators are also playing a major role in evaluation of the current trend of Bitcoin. On the hourly chart the 50-bar MA is shown here bearishly below 100-bar MA and above 200-bar MA. On the 4-hourly chart, 50-bar MA is also bearishly below 100-bar MA and 200-bar MA. Additionally, on 4-hourly chart, SlowK is shown to be bearishly below SlowD and the MACD is bullish about MACDAverage. On the other hand, on the hourly chart SlowK is shown to be bearishly below SlowD and the MACD is bullish about MACDAverage.

It is important to understand that the technical analysis can only act as guidance and aren't always 100% accurate. Thus, it is essential to seek advice and use the information provided properly before making any cryptocurrency related decision as it involves immense financial risk and is a volatile market.



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