• Bitcoin (BTC/USD) failed to sustain upward momentum early in the Asian session, dropping to the 23245.86 level after spiking to 24148.37.
• Technical support and areas of potential buying pressure are around 22389, 22184, 21230, 20294, 19861, 19357 and 18822 levels with Stops below 18199, 18024, 17537 and 17343 levels.
• Upside price objectives related to buying pressure around 16326.16 area include 25455, 25774, 27609 and 28004 levels with Stops above.
Technical Analysis of BTC/USD
Recent Surge
The pair’s recent surge to the 24262.18 area occurred after Stops were elected above the 24224.60 level – an upside price objective related to buying pressure that emerged around the 15460 and 20370.01 areas. Additional Stops were recently elected above the 23980.62 level – an upside price objective associated with demand around the 20333.33 level – representing its strongest print since mid-August 2022.
Upside Price Objectives
Upside price objectives related to buying pressure around the 16326.16 area include: 25455; 25774; 27609; and 28004 levels; while upside price objectives related to buying pressure around the 15460 area include: 26612; 26931; 29244; and 29639 levels.
Technical Support Levels
Following this recent move higher towards multi-month highs, technical support levels as well as areas for potential buying pressure lie at 22389; 22184; 21230; 20294; 19861; 19357 and 18822 levels with stops located below 18199; 18024; 17537 and 17343 respectively.
Moving Averages
Traders have observed that 50-bar MA (4-hourly) is bullishly indicating above 100-bar MA (4-hourly) as well as 200-bar MA (4-hourly). Similarly 50-bar MA (Hourly) is also bullishly indicating above 100-bar MA (Hourly) & 200-bar MA (Hourly). The nearest activity is near 50-bar MA (4 Hourly) at 23261 & 11 & 50 bar MA(Hourly) at 23595 & 37 respectively .