• Bitcoin (BTC/USD) appreciates to the 29555 area after stops were elected above the 29489.58 area.
• Upside price objectives include the 30420.74, 31237.11, and 32556.73 levels while downside objectives include the 26533, 26085, 25604, and 24103 levels.
• 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
bitcoin Price Analysis
Bitcoin (BTC/USD) worked to advance recent gains early in the Asian session as the pair appreciated to the 29555 area after Stops were elected above the 29489.58 area.
Upside Price Objectives
Stops were also recently elected above the 27929.17, 28525.56, 29007.57, and 29489.58 areas during appreciation higher which retraced levels associated with recent depreciating range from 31050 to 29965..14.
Above the market, upside price objectives relate to recent buying pressure around 27194..51 and 28161..74 level including 30420..74 ,31237..11 ,32556..73 levels.
Downside Price Objectives
Downside price objectives related to recent depreciating ranges and levels include 26533 ,26085 ,25604 ,24103 levels.
Additional Upside Price Objectives
Additional upside price objectives includes 31477..37 ,32501..23 ,32989..19 ,34583…96 ,34658…69 ,35222…66 .37765…28 .38403…97 level.
Moving Average Indication
Traders are observing that 50-bar MA (4-hourly) is bullishly indicating above 100-bar MA (4-hourly) and 200-bar MA (4-hourly). Also 50-bar MA(hourly ) is bearishly indicating below 200 – bar MA( hourly )and 100 – bar MA ( hourly ).Price activity is nearest 50 – bar MA( 4 hourly ) at 28888 ..63and 200 – bar MA( hourly ) at 28918 ..07.