• Bitcoin (BTC/USD) rebounded slightly early in the Asian session, testing the 200-hour simple moving average.
• Upside price objectives related to buying pressure around the 16326.16 and 15460 areas include the 25455, 25774, 27609, 28004 levels.
• Technical support levels and areas of potential buying pressure are located around 22389, 22184, 21230, 20294, 19861, 19357 and 18822 levels.
Bitcoin (BTC/USD) rebounded slightly early in the Asian session as the pair rallied back above the 24000 figure after bottoming out around the 23257.71 area. This move lower represented a test of the 200-hour simple moving average. The recent surge to the 24262.18 area occurred after Stops were elected above the 24224.60 level which was an upside price objective related to buying pressure that emerged around the 15460 and 20370.01 areas. Additionally Stops were recently elected above 23980.62 level which was an upside price objective associated with demand around 20333.33 level before pulling back to 23208.01 area representing a test of 61.8% retracement of depreciating range from 22500 to 24262.18 as traders await further direction on whether momentum resumes or not
Upside Price Objectives
Upside price objectives related to buying pressure around 16326.16 area include 25455, 25774, 27609 and 28004 levels while those related to buying pressure around 15460 area include 26612, 26931 29244 and 29639 levels respectively
Technical Support Levels
Technical support levels and areas of potential buying pressure are located around 22389, 22184 21230 20294 19861 19357 and 18822 levels respectively . These are followed by 15900 15512 15313 14500 14364 13369 10727 10432 9682 8837 and 7538 levels respectively
Traders are observing that 50-bar MA (4-hourly) is bullishly indicating above 100-bar MA (4-hourly) & 200-bar MA (4-hourly). Similarly 50-bar MA (Hourly) is bullishly indicating above 100-bar MA (Hourly) & 200-bar MA (Hourly). Price activity is nearest 50-bar MA (4 hourly ) at 23296 .19 & 50 – bar MA ( Hourly ) at 23508 .19
In conclusion , BTC/USD has seen some slight rebounds along with strong evidence for bullishness in terms of Moving Averages indicators as well as presence of technical supports & resistance all pointing towards a potentially positive outlook for BTC/USD prices in near future