Bitcoin (BTC/USD) resumed its upward gains early in the Asian session, with the pair finding additional bids above the 36,892.78 level, representing a 38.2% retracement of the 35,103.14 to 37,999 appreciating range. Upward progress was temporarily halted around the 37,221.93 area. . which represents a 50% reduction in the depreciation range from 37,548.80 to 36,923.15. Key stops were chosen above the 34,965.04 and 37,516.08 levels during BTC/USD’s recent strongest appreciation since May 2022, upside price objectives associated with buying activity around the 19,568.52, 15,460 and 24,900 levels . Additional upside price objectives in these appreciating ranges include the 38,602, 42721 and 44481 areas. Following continued appreciation, areas of technical support and possible buying pressure include 34757, 33499, 32873, 32561, 31351 and 30837.
Large Stops were also recently elected above the 35,912.28 area, representing a 38.2% retracement of the depreciating range from the all-time high of 69,000 to 15,460. Furthermore, large Stops were triggered above the 37,362 area. maximums of the month. , an upside price objective related to historical buying pressure around the 3858 and 15460 levels. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200 bar MA (every 4 hours). Additionally, the 50-bar SMA (hourly) is bullish, indicating above the 100-bar MM (hourly) and above the 200-bar SMA (hourly).
Price activity is closest to the 50-bar MA (4-hourly) at 35,613.79 and the 50-bar MA (Hourly) at 36,958.23.
Technical support is expected around 31238.97/30028.62/28818.26 and stops are expected below.
Technical resistance is expected around 38584.16/39596.82/42721.31 and stops are expected above.