• Bitcoin (BTC/USD) is currently trading near its highest level since early June 2022 at the 29190.04 area.
• Traders are observing that the 50-bar MA (4-hourly) and 50-bar MA (Hourly) are both bullishly indicating above their respective 100 and 200 bar moving averages.
• Technical support and resistance levels include 25256.83, 24224.60, 21753.70 for support and 29244.66, 29639.37, 30127.80 for resistance with stops expected above and below these levels respectively.
Fresh Multi-Month Highs: Sally Ho’s Technical Analysis
Current Price Activity
Bitcoin (BTC/USD) is currently trading near its highest level since early June 2022 at the 29190.04 area thanks to strong technical support around the 26525 level which solidified the recent move higher and right around the 23.6% retracement of the appreciating range from 19568.52 to 28937.93 . Bulls are increasingly eyeing the 30127.80 area as an upside price objective associated with buying pressure around 15460 and 19568.52 levels while stronger long positions are eyeing price objectives around 34658 and 35821 levels .
Retracement Levels & Areas of Potential Support
Following the ongoing appreciation, retracement levels and areas of potential technical support include 25948, 25756, 25358, 24253, 24099, 23789, 23147, 22605 and 22198 levels with downside price objectives including 19266 ,19132 ,19106 ,19006 ,18981 ,18919 ,18822 ,18116 ,17720 ,17523 ,17457 ,17230 and 17196 areas if prices continue to drop lower .
Moving Averages Indicating Bullish Momentum
Traders are observing that both 50-bar MA (4-hourly) and 50-bar MA (Hourly) are both bullishly indicating above their respective 100 and 200 bar moving averages in favour of further bullish momentum .
Technical Support & Resistance Levels
Technical Support is expected around 25256.83/24224