The digital currency Bitcoin (BTC/USD) showed an increase in the Asian session on 8th May, 2023, as the pair moved to 29033.95 after buying pressure that was seen at 28742.27. This pressure has been previously regarded for the 28122 area, representing an upside price objective. On the other hand, sellers pushed BTC/USD as low as 28394 region as Stops were placed below the 28481.31 level, this also failing to reach a desired price objective from the orginal 28122 area. Other upsides must be noted, including levels at 27194.51 and 28161.74, representing prices of 30420.74, 31237.11 and 32556.73 respectively.

Regarding down sides, depreciating ranges and levels cover prices of 26533, 26085, 25604 and 24103. Within these bearish price objectives, prices of 31477.37, 32501.23, 32989.19, 34583.96, 34658.69, 35222.66, 37765.28 and 38403.97 can be seen. Key areas to be reported include the 31846.88 position, representing 50% retracement of the depreciating range from 48233.76 to 15460.

Technical indicators have also begun to show positive trends as traders observe that the 50-bar Moving Average (MA) (4-hourly time frame) is more bullish than the 100-bar MA (4-hourly) and 200-bar MA (4-hourly). This follows a trend of almost the same bullishness in the 50-bar MA (hourly) relative to its 100-bar MA (hourly) and 200-bar MA (hourly). Notably, the 50-bar MA (4-hourly) is nearest the 28924.21 point while the 200-bar MA (Hourly) sits close to 28933.63 position.

Resistance is expected between 31986.16/ 32989.19/ 34658.69, with Stops about these levels. While Support can be seen near 26533.04/ 25604.51/ 25094.62 with Stops expected beneath. Technical analysis from the 4-Hourly chart shows SlowK to be Bullishly above SlowD, while MACD is Bearishly below MACDAverage. Analysis from the 60-minute chart results in SlowK being Bullishly above SlowD, while MACD is Bullishly above MACDAverage. These point to further upside in the near future.

In conclusion, the digital currency Bitcoin is currently being seen as an attractive investment opportunity in the technical analysis arena, as the value is set to move higher. The 50-bar MA (4-hourly), 200-bar MA (hourly), and positions at 31986.16/ 32989.19/ 34658.69 are all indicating bullish trends while the Support lies close to 26533.04/ 25604.51/ 25094.62 with Stops expected beneath. This data has all been taken into account in the analysis of Bitcoin, leading to an overall positive trend for the crypto asset.



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