• Bitcoin (BTC/USD) rebounded slightly early in the Asian session, rising above 24000 after bottoming out around 23257.71.
• Stops were recently elected above 23980.62 and 24224.60, which represent buying pressure around 15460 and 20370.01 respectively.
• Upside price objectives related to buying pressure around 16326.16 include 25455, 25774, 27609 and 28004 levels while technical support levels are noted at 22389, 22184, 21230, 20294 etc.
Price Activity
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. Stops were recently elected above the 23980.62 level, an upside price objective associated with demand around the 20333.33 level; this followed a surge to 24262.18 area after Stops were elected above the 24224.60 level representing buying pressure that emerged around 15460 and 20370.01 areas respectively. The pair’s subsequent pullback to 23208 represented a test of 61% retracement of depreciating range from 22500 to 24262; traders are awaiting further directionality from here on out.
Upside Price Objectives
Upside price objectives related to buying pressure around 16326 include 25455, 25774, 27609 and 28004 levels while upside price objectives related to buying pressure around 15460 area include 26612, 26931 29244 and 29639 levels.
Technical Support & Resistance Levels
Following recent move higher towards multi-month highs; technical support levels & areas of potential buying pressure are noted at 22389, 22184, 21230, 20294 etc while stops are cited below 18199 18024 17537 and 17343 levels respectively.
Moving Averages
Traders are observing that 50-bar MA (4-hourly) is bullishly indicating above 100-bar MA (4-hourly) & 200-bar MA (4-hourly). Also 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 & 50 bar MA(Hourly) at 23508.
Conclusion
Overall BTC/USD is bouncing off its lows but we may yet see more volatility before it settles into a new trend direction; technically significant areas include 15900 15512 15313 14500 14364 13369 10727 10432 9682 8837 and 7538 levels; traders should watch for further developments closely as they await further directionality from here on out..