• Bitcoin (BTC/USD) has rebounded slightly early in the Asian session and rallied back above the 24000 figure.
• The recent surge to the 24262.18 area occurred after Stops were elected above the 24224.60 level.
• Technical support levels and areas of potential buying pressure are around the 22389, 22184, 21230, 20294, 19861, 19357, and 18822 levels.
Bitcoin Price Analysis
Recent Move Higher to Multi-Month Highs
Bitcoin (BTC/USD) has rebounded slightly early in the Asian session and rallied back above the 24000 figure after bottoming out around the 23257.71 area. This move lower represented another test of the 200-hour simple moving average and was followed by a surge to the 24262.18 area as Stops were elected above the 24224.60 level related to buying pressure that emerged around the 15460 and 20370.01 areas. Additional Stops were recently elected above 23980.62 related to demand around 20333.33 level leading to a subsequent pullback to 23208.01 that tested 61.8% retracement of depreciating range from 22500 to 24262.18, with traders now waiting for upside momentum resume again or not.
Upside Price Objectives
Upside price objectives related to buying pressure around 16326.16 include 25455, 25774, 27609, and 28004 levels while those related to buying pressure around 15460 include 26612, 26931, 29244 and 29639 levels.
Technical Support Levels
Following this recent move higher to multi-month highs technical support levels & areas of potential buying pressure can be found at 22389, 22184 ,21230 ,20294 ,19861 ,19357 & 18822 levels respectively.
Moving Averages Indication
The 50-bar MA (4-hourly) is bullishly indicating above both 100-bar MA (4-hourly) & 200-bar MA (4-hourly). Similarly 50-bar MA (Hourly) is bullishly indicating above both 100-bar MA (Hourly) & 200-bar MA (Hourly). Current price activity is nearest 50-bar MA(4 Hourly at 23296 & 19th bar MA(Hourly at 23508.
Sally Ho’s Technical Analysis is provided by a third party & for informational purposes only without any views of Crypto Daily nor it should be used as legal tax investment or financial advice..