Bitcoin Price Analysis: Stops Cited Above 30994 - 30 June 2023

Crypto Daily
Crypto Daily

29 Jun 2023 2:00 PM

Bitcoin (BTC/USD) sought to extend recent gains early in the Asian session as the pair rallied from the 29885.53 area and reached the 30753.74 area following steady upsid...

  • Bitcoin (BTC/USD) has been experiencing gains and reached the 30753.74 area after steady upside activity.
  • The 50-bar, 4-hourly simple moving average has provided technical support for BTC/USD.
  • The recent high of 31443.67 was a test of an upside price objective associated with buying pressure.
  • Additional upside price objectives include the 31737, 32125, and 33569 areas.
  • Stops are cited above additional upside price objectives around the 31674, 32043, 34531, and 34658 areas.
  • Areas of potential technical support and buying pressure include the 29863, 29427, 28886, 28804, 28182, 28096, and 27306 areas.
  • Technicians are closely watching the 28095.44 area for technical support, representing the 23.6% retracement of the historical range.
  • The 50-bar MA (4-hourly) is indicating bullishness above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly).
  • The 50-bar MA (hourly) is indicating bearishness below the 100-bar MA (hourly) and above the 200-bar MA (hourly).
  • Technical support is expected around 24440.41/23270.10/22769.39 with stops expected below.
  • Technical resistance is expected around 31986.16/32989.19/34658.69 with stops expected above.
  • On the 4-hourly chart, SlowK is bullish above SlowD while MACD is bearish below MACDAverage.
  • On the 60-minute chart, SlowK is bearish below SlowD while MACD is bullish above MACDAverage.

The sentiment of the article is mostly neutral, providing technical analysis and observations without expressing a clear positive or negative sentiment.

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You May Ask

What are the recent gains and price objectives for Bitcoin?What are the areas of potential technical support and buying pressure?What are the technical indicators suggesting on the 4-hourly and 60-minute charts?What are the expected levels of technical support and resistance?

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