The cryptocurrency market continues to showcase its unpredictable nature as the BTC/USD pair extends its recent gains to the 29,383.50 zone. This surge stems from buying pressure that began to heighten around 27,479.93 in late April. With strong bids emerging at the 28,122 area, experts have cautiously expressed optimism for Bitcoin’s future.
As the market moves upwards, stops have been noted at the 28,817.15 and 29,089.22 levels, signifying 50% and 61.8% retracements of the recent dip from 29,969.99 to 27,664.31. Moreover, additional stops have been recognized at 27,929.17, 28,525.56, 29,007.57, and 29,489.58 – retracement levels connected to the earlier depreciation from 31,050 to 26,965.14.
While increasing buying pressure marks a positive sign for the market, it is essential for investors to consider both upside and downside price objectives. Upside price objectives relate to recent buying pressure around the 27,194.51 and 28,161.74 areas, estimated to reach the 30,420.74, 31,237.11, and 32,556.73 levels. Alternatively, downside price objectives related to recent depreciation range from 26,533 to 24,103 levels. Additional upside price objectives include levels from 31,477.37 to 38,403.97.
Another noteworthy price to consider is the 31,846.88 area, which signifies the 50% retracement of the depreciating range from 48,233.76 to 15,460. Observations reveal that the 50-bar MA (4-hourly) is bullsishly placed above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). However, the 50-bar MA (hourly) indicates a bearish position, standing below the 200-bar MA (hourly) and above the 100-bar MA (hourly).
With price activity situated nearest the 50-bar MA (4-hourly) at 28,867.07 and the 200-bar MA (hourly) at 28,869.67, traders should exercise caution and consider both technical support and resistance levels. Technical support levels of 26,533.04, 25,604.51, and 25,094.62 are anticipated, with respective stops expected below. As for technical resistance, estimations place it around the 31,986.16, 32,989.19, and 34,658.69 levels with corresponding stops above.
In conclusion, the 4-hour and 60-minute charts display indicators suggesting mixed signals. While SlowK leans bearishly below SlowD, MACD stands bullishly above the MACD Average. Investors should navigate the cryptocurrency market meticulously, bearing in mind the fluid nature of crypto trends and staying abreast of market movements to inform their buying and selling decisions.
Source: CryptoDaily
