Cryptocurrency markets have been volatile lately as Bitcoin (BTC/USD) dropped below an important price level of 29165.90. Signs of buying and selling pressure around the 28122 and 29466.76 area caused a bit of a roller coaster ride for the currency, with a large number of ups and downs. With prices reaching as low as 29051.99, technical analysis can be used to identify key levels and potential price objectives.

Analysing the price activity of BTC/USD, two important price objectives can be noted. Firstly, there were signs of buying pressure around the 28122 area, which showed a price objective of 28733, 28481, and 28169 levels. Secondly, there was evidence of strong buying pressure around the 29166.26 area, which tested a downside price objective of 29165.90, relating to selling pressure at 29466.76.

The technical analysis of BTC/USD also highlighted various upside price objectives that relate to buying pressure around the 27194.51 and 28161.74 levels, such as the 30420.74, 31237.11, and 32556.73 levels. Additionally, the technical network of price objectives included downside levels of 26533, 26085, 25604 and 24103. Other noteworthy levels are the 31477.37, 32501.23, 32989.19, 34583.96, 34658.69, and 38403.97. Lastly, the retracement of the depreciating range from 48233.76 to 15460 was found around 31846.88.

Moving averages suggest a bullish trend for the currency, with the 50-bar MA (4-hourly) indicating above the 100-bar MA (4-hourly) and 200-bar MA (4-hourly). Similarly, the 50-bar MA (hourly) is indicating above the 100-bar MA (hourly) and 200-bar MA (hourly).

At the time of writing, technical support is expected around 26533.04/ 25604.51/ 25094.62 with stops expected below, and technical resistance is expected around 31986.16/ 32989.19/ 34658.69 with stops expected above. The SlowK and SlowD on the 4-hourly and hourly charts are both bearishly below the respective MACD, indicating a bearish orientation.

In summary, technical analysis of BTC/USD has revealed a host of price objectives related to buying and selling pressures. With the 50-bar and 100-bar MA’s indicating a bullish trend, it seems as though the momentum could be swinging back in favor of the bulls. Despite this, traders and investors should exercise caution and practice proper risk-management techniques.



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