Bitcoin (BTC) Price Analysis
Bitcoin faced some fresh technical twists today! 🌪️ It soared as high as $35,997.80 but then encountered expanding volatility. Recent selling pressure around $35,997 and $35,498 put BTC to the test, aiming for a downside price objective at around $34,214.
What's in the charts? Well, there are some interesting levels to keep an eye on. Downside price objectives include $34,143, $33,943, $33,724, $33,663, $33,459, and $32,859. On the upside, we have $36,115, $36,541, $36,798, and many more.
Traders have been actively boosting long positions, and this high at $35,997.80 represents an upside price objective related to recent buying pressure. It's also a test of the 50% retracement from a historical range of $69,000 to $15,460, and the 61.8% retracement from $48,240 to $15,460.
Stops were triggered above $34,190.77, a previous downside price objective tied to historical selling pressure at the all-time high of $69,000 and $59,249 levels.
So, what's the support? Areas of technical support and potential buying pressure include $32,992, $31,652, $31,238, and more.
On the technical front, moving averages are looking bullish on both 4-hour and hourly charts.
As of now, BTC is dancing around the 4-hourly 50-bar MA at $34,432.77 and the hourly 100-bar MA at $34,655.83.
Stay tuned for more updates and trade wisely!
#bitcoin #BTC #crypto2023 #trading #cryptocurrency
Bitcoin faced some fresh technical twists today! 🌪️ It soared as high as $35,997.80 but then encountered expanding volatility. Recent selling pressure around $35,997 and $35,498 put BTC to the test, aiming for a downside price objective at around $34,214.
What's in the charts? Well, there are some interesting levels to keep an eye on. Downside price objectives include $34,143, $33,943, $33,724, $33,663, $33,459, and $32,859. On the upside, we have $36,115, $36,541, $36,798, and many more.
Traders have been actively boosting long positions, and this high at $35,997.80 represents an upside price objective related to recent buying pressure. It's also a test of the 50% retracement from a historical range of $69,000 to $15,460, and the 61.8% retracement from $48,240 to $15,460.
Stops were triggered above $34,190.77, a previous downside price objective tied to historical selling pressure at the all-time high of $69,000 and $59,249 levels.
So, what's the support? Areas of technical support and potential buying pressure include $32,992, $31,652, $31,238, and more.
On the technical front, moving averages are looking bullish on both 4-hour and hourly charts.
As of now, BTC is dancing around the 4-hourly 50-bar MA at $34,432.77 and the hourly 100-bar MA at $34,655.83.
Stay tuned for more updates and trade wisely!
#bitcoin #BTC #crypto2023 #trading #cryptocurrency
